Los Angeles Times

Commentary: Economics isn't unreliable, we are

The financial crises of the last two decades, and our failure to predict them, have wreaked havoc on more than just the global economy. The bursting of the dot-com bubble in 2000, the Enron scandal and the global financial crisis of 2008 have led to a loss of faith in economics itself.

But these crises and scandals do not mean that the science of economics is inherently unreliable. Most of them occurred because we ignored what we knew.

Perhaps most obviously, we deputized - and continue to deputize

You're reading a preview, sign up to read more.

More from Los Angeles Times

Los Angeles Times5 min readScience
Biggest California Earthquake In Two Decades Ruptured On At Least 24 Faults
LOS ANGELES - When an earthquake strikes, the instinct of many Californians is to ask: Which fault ruptured - the Newport-Inglewood, the Hayward, the mighty San Andreas? But scientists are increasingly saying it's not that simple. New research shows
Los Angeles Times3 min read
Doc Rivers Ejected After Son T's Him Up In Clippers' Loss To Rockets
HOUSTON - Arms waving, voice straining, Los Angeles Clippers coach Doc Rivers was halfway down Toyota Center's sideline late in Wednesday night's fourth quarter, demanding a word from the officiating crew. As his father grew irate, and the volume ros
Los Angeles Times4 min read
Dodgers' Hyun-Jin Ryu finishes behind Mets' Jacob deGrom for NL Cy Young Award
LOS ANGELES - Hyun-Jin Ryu's bid to become the ninth Los Angeles Dodger to win the Cy Young Award fell short Wednesday. New York Mets right-hander Jacob deGrom won the award for the second year in a row, beating out Ryu and Washington Nationals right