In response to:

Don’t Trust Economists, Part II

Auspex Wrote: Jan 28, 2013 4:25 PM
Ultimately, they are the victims of history and averaging. Like someone said above, broad strokes good, micro-behavior not so much.

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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