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Saturday, July 11, 2009

The Overwhelming Failure of Economists

Robert Samuelson writes in the Washington Post as follows;

"One intriguing subplot of the economic crisis is the failure of most economists to predict it. Here we have the most spectacular economic and financial crisis in decades--possibly since the Great Depression--and the one group that spends most of its waking hours analyzing the economy basically missed it."

And the basic explanation is that the economics profession has been hijacked by theoretical mathematical economists who have no understanding of history or human behavior David Zetland and I explain what really happened to the economy in our new book, The Great Recession Conspiracy. We explain in simple terms how history and psychology explain everything.

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