BUT HAS BEEN REDUCED TO AN ARCANE ART BY SPECIAL INTERESTS.

We have people criticise the Bureau of Meteorology for sometimes getting its weather forecasts wrong but, unlike models in economics, meteorological techniques, they are generally valid. Thereby, in these different scenarios, economists are rarely able to foresee those private debt-laden situations that will deliver financial recession.

Yet, we’re told we need to worry about “the national debt”. 🙁

I was happy to have Mason Gaffney support the technique that permitted me to forecast the Global Financial Crisis.

Immediately after Mason Gaffney’s passing at the age of 96 in December 2018, I was also able to call the 2020 COVID-19 recession.

There’s something economists need to acknowledge if they are to return political economy to the science it is.