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Old 31 May 2014, 06:04 PM
Steve Steve is offline
Join Date: 19 October 2002
Location: Charleston, SC
Posts: 4,906

Originally Posted by Johnny Slick View Post
Sure, we're bad at seeing recessions in advance. I'd say that's at least as much due to bad zombie economics ideas being in vogue over the pat 30 years as anything else, but there is a deeper, worse idea at the core: a lot of freshwater economists argue that there is no such thing as recessions. That isn't to say that economies never contract 2 quarters in a row, it's that when this happens it's as close to random as anything can be, because if it wasn't random we'd have been better able to predict them by now.
Can you find someone who's argued that? Because off the top of my head I can't think of anyone who has and the idea that there are lots of economists in Chicago or Rochester saying that I'd be surprised.
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