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 Times3 min read
'Toy Story 4' Is Expected To Bring The Summer Box Office To Life With A Franchise Record
After a three-week slump for Hollywood, it looks like theater owners have a friend in Pixar. "Toy Story 4," the Walt Disney Co.-owned computer animation pioneer's latest sequel, is expected to open with $140 million to $150 million in ticket sales in
Los Angeles Times3 min read
Tyler Skaggs Dominates As Angels Reach .500 In Win Over Blue Jays
TORONTO - On the day the Angels reached .500 for the first time in more than two months, starting pitcher Tyler Skaggs walked into the Rogers Centre visiting dugout after the sixth inning of an eventual 3-1 win over the Toronto Blue Jays Tuesday nigh
Los Angeles Times2 min read
Toy Executive Isaac Larian Ends Pursuit Of Merger With Mattel
California toy mogul Isaac Larian said Tuesday he's no longer interested in trying to merge his company with struggling Mattel Inc. Larian's comments came one week after he disclosed that Mattel had again rejected a second merger offer from Larian's