“Whatever economics is, it is not a science.” -Louis Woodhill, for Forbes.
In 1930, the most popular car was the Ford Model A, which had 40 horsepower and a top speed of 65 miles per hour. The fastest any human had ever traveled was 357.7 mph (in a Supermarine S.6 seaplane). Connecting a phone call from New York to L.A. could take 20 minutes.
And, in 1930, a severe economic contraction began that economists did not see coming and did not know what to do about after it arrived. The period of economic distress lasted 12 years and was later named “The Great Depression.”
In 2007, the most popular passenger vehicle was the Ford F-150 pickup truck, a 300 horsepower behemoth with air conditioning and a CD player. Men had traveled at 24,790 mph (in the Apollo 10 command module). And, anyone could call anywhere on earth within seconds by speed dialing from their iPhone.
And, in late 2007, a severe economic contraction began that economists did not see coming and did not know what to do about after it arrived. This period of economic distress has lasted almost six years to date. Let’s call it “The Pretty Good Depression.”
Let’s be blunt. Whatever economics is, it is not a science.
It’s a scathing piece and I loved it. Read the whole thing.