In response to:

Don’t Trust Economists, Part II

Auspex Wrote: Jan 28, 2013 4:19 PM
Secondary and Tertiary effects...we're lucky if O's economists can see a primary effect sitting on the ends of their noses, much less secondary, tertiary, etc....! Their boss obviously can't either. That's one of America's greatest failures today, a population where the majority have no clue what secondary and tertiary effects are and have the primary ones all screwed up with "Forward!"

Back in 2010, I shared a remarkable graph comparing the predictions of economists to what actually happened.

Not surprisingly, the two lines don’t exactly overlap, which explains the old joke that economists have correctly predicted nine of the last five recessions.

It’s not that economists are totally useless. It’s just that they don’t do a very good job when they venture into the filed of macroeconomics, as

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