Sunday, October 25, 2009

200 years ago, economists made a prediction, and we got it wrong. “Big deal” you might say. But it was a big deal; a much bigger deal than some piddling mistake like failing to predict a global financial crisis. Basically, 200 years ago economists predicted that long run growth was impossible. That’s the biggest thing in economics you can be wrong about.

Worthwhile Canadian Initiative: Economic growth, the universe, and the meaning of life