Tuesday, May 12, 2009

Obamanomics and the test of science

In science, theories are tested by experiment.  In January, Obama's economic team predicted, using their Keynesian theories, how much better the economy would be if the economic "stimulus" package was passed than if it wasn't. It is May and there is enough data to compare: so far, according to their plots, the economy is worse, not better.

In economics, like in climate, a single test is not dispositive but it is informative.

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