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Complete failure of neoclassical economics, perhaps. There were plenty of people who predicted the GFC with varying degrees of accuracy; Steve Keen being but on
by astrec 14y ago
Complete failure of neoclassical economics, perhaps. There were plenty of people who predicted the GFC with varying degrees of accuracy; Steve Keen being but one.
- hesitz 14y agoThe problem is that these people (and others) don't know enough to realize their economic predictions are worthless. There is truth to the old saw, "Economists are good at predicting recessions. They've predicted eight of the last three. . . " In many cases the prognosticators are fully aware that their predictions are worthless but persist in the facade to build up a reputation. It takes only a few lucky coincidences to get set up for life. People love to hear bold predictions.