More evidence that studying economics makes you blind, deaf, and stupid

Still, the great problem with neoclassical economics is the one has already been discussed in these posts: its models have consistently failed to foresee devastating economic disasters that many people outside the economics profession could readily and accurately predict years in advance.

The implosion of the world economy in 2008 is only the most recent case in point.

One writer who surveyed the economics field in the aftermath of the crash noted with some asperity that fewer than two dozen economists anywhere in the world warned in advance of the gargantuan bubble of securitized debt that exploded that year.

http://thearchdruidreport.blogspot.com/2009/10/why-markets-fail.html

This blog is excellent! The prose, the humor, the clarity.