The housing sector is down twenty percent and the price of oil is flirting with $90 a barrel, maybe $100 to come. Yet the quarterly growth rate was just reported at 3.9%, led by surges in consumer spending and exports. It is wrong to think we have turned the corner, but it is also wrong to think the doomsayers have been giving accurate predictions.
Thursday, November 01, 2007
Why Macroeconomics Is Not A Science
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