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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: John Vosilla who wrote (64260)6/21/2006 2:48:05 AM
From: shades  Read Replies (1) of 110194
 
364 economists wrong

There's a paper by Philip Booth, "Can 364 Economists all be Wrong", discussing how the British academic establishment rallied against Thatchers economic policies. I believe she was advised by a certain Milton Friedman. Is it any surprise he had it right?

"In 1981 almost the entire economics profession – 364 academic economists including many professors at leading universities – signed a letter to The Times in response to Geoffrey Howe’s budget arguing that the government’s economic policy was fatally flawed, had no basis in economic theory and should be abandoned in favour of alternative policies.

A new report by the Institute of Economic Affairs provides evidence to suggest that the 364 economists were all wrong. Contrary to their predictions, almost immediately after the budget the economy began to grow, inflation fell and eventually employment grew."

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