Monday, November 09, 2009
Economics textbooks having trouble predicting the present.
Beware what you read in textbooks." the Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive"
-- Paul Samuelson's textbook on economics, probably the most influential ever, 13th Edition, 1989, the year the Soviet eastern block collapsed.
Hat tip: Luskin
