Thursday, 20 August 2020

"Despite a host of eminent economists being stagnationists, economies nonetheless grew, a humbling reminder that perhaps economists don't have much influence on economic growth." #QotD


"There are a couple of lessons here. The first is that there is much criticism of economists that their theories say that economic growth is inevitable. For over three-quarters of the profession’s life that is simply not true. The second lesson is that, despite a host of eminent economists being stagnationists, economies nonetheless grew, a humbling reminder that perhaps economists don't have much influence on economic growth."
~ Brian Easton from his 2009 post 'Economic Growth Research in New Zealand: the Fathers That Begat Us'
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