Working Papers

Nothing Has Changed

Unlike Richard Posner and all the other capitulationists, Bryan Caplan is conceding nothing:

Nothing that happened in the last two years should have significantly revised the general macroeconomic views of anyone who is (a) familiar with the last two centuries of global economic history, and (b) reasonable….

if you claim that 2008 overthrew everything you thought you knew about economics, I’ve got to wonder what you knew in the first place.

posted on 12 May 2009 by skirchner in Economics

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Yep, mainstream economists did such a fabulous job of predicting the GFC (or even alerting us to the possible dangers) clearly nothing is wrong with the “science” of economics.

Ahhh but of course, it couldn’t have been predicted could it, unless your name is Shiller or Roubini or Faber or Schiff or Keen or ... you were one of the hedge fund managers who bet real money that the MBS market would implode.

Lots of people got it right.  You didn’t, but I’m supposed to believe you that everything is fine and dandy with economics and we have nothing to learn from the GFC.

Posted by .(JavaScript must be enabled to view this email address)  on  05/13  at  04:07 PM

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