Saturday, May 7, 2011

The Case for Humility Among Economists

Greg Mankiw makes the case in a really great New York Times article. His takeaway:
If you find an economist who says he knows the answers, listen carefully, but be skeptical of everything you hear.
Sounds right to me!

Economists like Stephen Williamson who thinks he has nothing to learn from history and yet is shown to make important mistakes based on this ignorance should take notice.

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