In Michelle's Marxist world, engineers must be racists.
Is it me, or is this column out-of-joint? The author begins with the sweeping generalization that economists revisit their work when their hypotheses fail (what is it that scientists do, exactly?), and then proceeds to discuss behavior easily predicted by economic theory.
Excellent line! Many people think that we have stopped the bleeding and have a modest (albeit jobless) recovery. I fear the truth is that all that $$ has just bought us a temporary reprieve while digging us a bigger hole to crawl out of. We have printed massive amounts of money (inflation) to fight the pull of deflation. Its still an open question as to which will ultimately win out.
The problem with economics is the political class funds, and it’s vocal organs promote, economists who give the answers they want rather than the truth.
The comments on economics are particularly ignorant. No scientist claims to understand everything about everything. They claim to espouse theories that will be set aside if truly falsified. But isolating the variables under scrutiny is much easier in some sciences than in others. Weather forecasting, research on drug side effects and macro-economic theories are all similar in that failure to predict accurately can be attributed to a wide range of variables that cannot be fully controlled. This does not mean that meteorology, pharmacology or economics are relegated to the level of witchcraft.