From Barry Ritholz. I recently linked to his post about a bogus claim that restaurant closings are a sign the U.S. economy is tanking. In fact, as he shows, the restaurant industry is having its biggest year in history. He concludes with this, which I should probably permanently post in my sidebar:
Joan Robinson’s warning: “The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.”
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