Monday, November 09, 2009

Economics textbooks having trouble predicting the present. 

" 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.

Beware what you read in textbooks.

Hat tip: Luskin