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
- US: Our collateral damage policies don’t apply to Syria, Iraq air strikes Ed Morrissey 44 mins ago
- Clapper to intel community: You’ve done great work … on ISIS Ed Morrissey 1 hour ago
- Cindy Sheehan: Let’s face it, some liberals support Obama’s wars because of reverse racism Allahpundit 2 hours ago
- Neil deGrasse Tyson, C.P. Snow and the science vs. culture battle Jazz Shaw 2 hours ago
- Christie: I am certainly unimpressed with Obama’s leadership on ISIS Ed Morrissey 3 hours ago
- Secret Service missed an armed ex-con … in elevator … with President Ed Morrissey 4 hours ago