Danny has promoted the idea that the public knows better than theoretical economists and central bankers when recessions are on their way and build that into their own forecasting. He calls this the learning from the ‘economics of walking about’, on which we have both relied in differing ways with his approach most certainly the more formal of the two. As a methodology, it has proved to be remarkably accurate.
That’s the argument for markets, isn’t it? That folks doing their own thing know more than the central planners.
That this is then used as an argument *in favour* of more central planning is why they’re known as the Bell End Economists.
I see I have something in common with the poor old madman. We both use too many commas.
I don’t know about commas, Oxford or otherwise, but Murphy is very fond of using the (invisible) “Ely full stop” in his punctuation.
This is where a long text is not broken into smaller understandable pieces by use of periods, but is instead left to ramble on interminably. This renders the meaning impenetrable to all apart, one presumes, from the writer.
This is rich coming from the man who has predicted ten of the last two recessions.
This renders the meaning impenetrable to all apart, one presumes, from the writer.
Don’t bet on the presumption
I mean, correct me if I’m wrong but his entire political philosophy boils down to “nothing bad should ever happen ever, except to people who disagree with me”