If economists are so smart, why are they always wrong?
When I took Econ 101 and 102 as a young college student back in antediluvian times the textbook we were assigned was Paul Samuelson’s Economics: An Introductory Analysis. This book is the all-time best selling economics textbook and is still around today (19th ed.).
I had the 1961 edition. In it, Samuelson, a prominent Keynesian economist who won the Nobel prize in economics, predicted that the economy of the Soviet Union would overtake the U. S. economy in 23 years (by 1984). Even as late as the 11th edition (1980), Samuelson stood by his prediction. (more…)
When I was a child I became enamored of coins. I had inherited from my father a few large U.S. one cent copper coins dated from the early 1800s. In those days money was made from copper, silver, and gold. These early coins were beautiful objects. The interesting thing and what is pertinent here is that they were decorated with images of “Liberty”, a female head of various styles, or later, a seated Ms. Liberty. Somewhere on the coin was the word “liberty”. The point being that from 1796 to 1909, there were no presidents on our coins. In 1909 the new copper penny bore the image of Abraham Lincoln which is still with us today. We are now following the examples set by Roman emperors and other despots and rulers who wanted their subjects to know who was in charge. (more…)