Is the Dismal Science Really a Science - WSJ Article

Is the Dismal Science Really a Science - WSJ Article - Is...

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Is the Dismal Science Really a Science? Some macroeconomists say if we just study the numbers long enough we'll be able to design better policy. That's like the sign in the bar: Free Beer Tomorrow. Article Comments (44) more in Opinion » Email Print Save This ↓ More o facebook o Twitter o Digg o StumbleUpon o + More close o Yahoo! Buzz o MySpace o del.icio.us o Reddit o LinkedIn o Fark o Viadeo
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o Orkut Text By RUSS ROBERTS For an economist, these are the best of times and the worst of times. We live in the best of times because everyone wants to understand what happened to the economy and what's going to happen next. Is the mess we're in a market failure or a government failure? Is the stimulus plan working? Would tax cuts for small business spur employment? When will the job market improve? Is inflation coming? Do deficits matter? So many questions and so little in the way of answers. And so it is the worst of times for economists. There is no consensus on the cause of the crisis or the best way forward. There were Nobel Laureates who thought the original stimulus package should have been twice as big. And there are those who blame it for keeping unemployment high. Some economists warn of hyperinflation while others tell us not to worry. It makes you wonder why people call it the Nobel Prize in Economic Science. After all, most
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This note was uploaded on 02/07/2011 for the course ECON 4370 taught by Professor Burton during the Spring '10 term at UVA.

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Is the Dismal Science Really a Science - WSJ Article - Is...

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