Richard Posner Quote

One thing we've learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies the business cycle, is a weak field. With only a few exceptions, macroeconomists, including the most illustrious, did not anticipate the current depression.

The Crisis of Capitalist Democracy (2010) Ch. 10 The Crisis of Macroeconomics.

One thing we've learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies...

One thing we've learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies...

One thing we've learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies...

One thing we've learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies...