Thursday, 17 September 2015

Economics as hand-wringing

When your economic theory bears no relation to economic reality, instead of giving good advice when things go wrong, all you’re left with is hand-wringing.

us household income

The title of the article is ‘The Sad State of the American Worker,’ but what it really underscores is the sad state of economic theory and the economists who come with it. Read the article if you must, but the authors have no idea what went wrong.

Nor any conception of how it might be put right.

[Hat tip Steve Kates]

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