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Economists in the Dark

How many economists does it take to change a light bulb? None. When the one they used in graduate school goes out, they sit in the dark.

Robert Samuelson writes here about how mainstream economists have done such a poor job of forecasting the economic crisis and that they have been consistently overestimating economic growth. Keynesian economics and monetarism are both under a cloud, but there does not appear to him there is any easy answer. How about a new light bulb, a good idea, Austrian economics? HT: TdL

Mark Thornton is a Senior Fellow at the Mises Institute and the book review editor of the Quarterly Journal of Austrian Economics. He has authored seven books and is a frequent guest on national radio shows.

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