buster33 Wrote:
Jan 28, 2013 5:39 AM
I teach economics and investments at a small college.. Every semester my students learn the stock market has forecasted nine of the last five recessions. I enjoy stating that economic forecasters exist to make astrologers look good. (That is not an original joke.) Very recently in the WSJ, there was reference to the lack of variation in economists forecast of GDP. Clearly, many economists fear being outliers. As for Bastiat, it is a shame more students aren't exposed to his entertaining logical insights. Students who read his works and those of Henry Hazlitt--see "Economics in One Lesson--can truly being exposed to excellent critical thinking. Students who parrot back various Keynesian multipliers often are clueless to the model's flaws.