Praise the haters: How criticising tone ruins us.

It isn’t actually true that nobody predicted the recession, people from all walks of economic life it coming because what was going on in America under Bush wasn’t going to work and any economic theory could tell you that.

Even Mercantalism – the idea that you should boost exports to make competing national interests dependant on you – would say putting your factories in other countries and relying on the service industry for economic growth is stupid.

So why is it that the economic consensus didn’t pull through from what the actual economics said? Why was there so much triumphalism?

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