Tyler Cowen briefly reviews an economic book from the 1980 with contributions by Nobel laureates of the time.
How did the predictions pan out? Well, as to be expected: they wrote about issues that have little relevance now and overlooked practically all topics relevant today.
“the book stoked my fears that today’s economists and analysts do not have a good handle on America’s imminent problems.”
Bottom line, over, and over again: Predictions of experts are worth very little in the real world. Unfortunately, or maybe fortunately? The future is unclear and open.
