Tuesday, September 01, 2015

The Triumph of Backward-Looking Economics - The New York Times

The Triumph of Backward-Looking Economics - The New York Times:



"We don’t get to do many controlled experiments in economics, so history is mainly what we have to go on. Unfortunately, many people who imagine that they know how the economy works go with what they think they heard about history, not with what actually happened. And I’m not just talking about the great unwashed; quite a few well-known economists seem not to have heard about FRED, or at least haven’t picked up the habit of doing a quick scan of the actual data before making assertions about facts."



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