Who Said That?

by Jerry O’Driscoll  

“Economics is not the science that gives accurate near-term forecasts of inflation and output growth.  There is no such science.” 

What economist said that?  Is it the pronouncement of an Austrian, or some other heterodox critic?  

Before answering, I want to make a point.  In the aftermath of the crisis, economists have been realigning and reassessing their positions.  Perhaps the most shocking example (at least to some) is Richard Posner’s breaking with his Chicago colleagues and discovering the brilliance of Keynes and the virtues of regulation (at least in principle).   Continue reading