Question: Many economists in the spring of 2008 predicted that the
Many economists in the spring of 2008 predicted that the recession would end in six months. They were dead wrong. It continued well into 2010. Is it fair to dismiss them as being "less than adequately trained"? Or perhaps "not the brightest economists" in the profession? What arguments can you make in their defense?
Answer to relevant QuestionsIdentify where each of the following belongs (upper or lower half, flowing in which direction) in the circular flow model in Exhibit 1: your decision to work for General Motors. General Motors paying you for labor services, ...Why do economists regard a law degree as human capital? Can you think of an educational experience that Isn't capital? Professor Kenneth Boulding once noted that Danish butter producers eat very little butter. They use margarine even though they produce some of the best butter in the world. Is this irrational? Or is there a good reason for ...The market price for Cornish hen today is $3.50 or $1.50 above its $2.00 equilibrium price. How does price eventually return to equilibrium? How do you explain the fact that years ago, cheese was considered the poor person's food, selling for less than a quarter of the price of beef? Today, beef and cheese are priced approximately the same.
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