Robert Samuelson in the Washington Post...Viewpoint..."Economists suffer from what one calls” the-pretense-of-knowledge-syndrome."They act as if they can understand more than they do and presume that their policies, whether of the left or of the right, have benefits more predictable than they actually are. It's worth remembering that the recovery's present slowdown is occurring despite measures taken to speed it up: the 2-percentage-point cut in the payroll tax, and the Federal Reserve's purchase of $600 billion of Treasury securities. So modern economics has been oversold, and the public is now disbelieving. If the recovery continues to disappoint, the discrediting of mainstream economic thinking will grow. The resulting intellectual void will summon forth new ideas. Some may be good, but others-though superficially appealing-will be fringe or lunatic."
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