Are economists like doctors?

Economics would be more useful if our expectations were more modest

The Guardian recently asked nine economists whether we’re heading for another global financial crash, and of course, they gave nine different answers. Yet we still turn to economists as if they were physicists, armed with scientific predictions about the behaviour of the body economic. We consumers of economics, and economists themselves, need to be more realistic about what economics can do. More modesty will produce better results. Following the great crash that began nearly a decade ago, there has been some soul-searching about what economics got wrong. ….[READ]


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