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Making astrology respectable
The current or demised crop of Republican U.S. presidential candidates persist in referring to the name of former president Reagan and his economics. This reminiscence invokes a kind of ideological amnesia as to the realities of ‘Reaganomics’.
In his book, “The Great Crash,” the peerlessly erudite John Kenneth Galbraith adds to the vigorous discourse as to the possible causes of the Great Crash and suggests some parallels for the “small crash” of 1987. Galbraith famously wrote: “The only function of economic forecasting is to make astrology look respectable.”
He also wrote about economic amnesia and economic delusion. Galbraith explains ... (read more)