Why OH WHY is economics so bleedin' awful, then?
As Brenda rightly says, no one even predicted the crash Worstall @ the Weekend As Her Majesty the Queen remarked a few years back, why was it that no economist actually saw the crash coming? There's actually two answers to that. First, the cute one: that sort of violent change cannot be predicted. If it could be predicted then prices would move before it happened, meaning that it would have already happened. This is a bit cute, though, however true it might be."