The discussion over at Marginal Revolution of famous economists’ errors is a reminder that economics is, in many ways, most famous for how badly it gets things wrong. After all, as I posted earlier, the current AEA meetings contained no papers referencing Keynes, and precious few about the current credit crisis. Economists’ record for prescience and accuracy are â€¦ checkered at best.
Anyway, a MR reader gets the question about right:
Mistakes in economics is a dull subject.
The truly electrifying inquiry would be to name 10â€¦ wellâ€¦ 5â€¦ OK just 3 incidents when economics made indisputably correct (in a rigorous scientific sense â€“ since economics dare to call itself a science) prediction/forecast on a more or less significant scale
After some thinking I have my own ideas, but rather than biasing things does anyone want to try the question on?