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Wednesday, June 22, 2005
'Change has outpaced comprehension'
Robert Samuelson writes in the Washington Post:
(Link via Secular-Right India.)
If economics were a boat, it would be a leaky tub. The pumps would be straining and the captain would be trying to prevent it from capsizing. Which is to say: Our ideas for explaining trends in output, employment and living standards -- what we call "macroeconomics" -- are in a state of disarray. If you're confused, you're in good company. Only recently Federal Reserve Chairman Alan Greenspan confessed again that he doesn't understand why interest rates on long-term bonds and mortgages have dropped, just when the Fed is raising short-term rates. This is but one mystery.Samuelson goes on to explain some others. Read the full thing.
(Link via Secular-Right India.)
