"A science that relies on luck to explain the fate of billions of people is a dismal science indeed."
This statement indicates just how ignorant the author of the piece is. The question presented is the predictive value of economics. In the real world, complexities and unknowns are the element of "luck" that is referred to.
As for explaining what does and does not work, one only need read Ludwig von Mises 1929 classic, Socialism, to understand why socialism doesn't work.
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Re: "We do not really know what causes economic growth,” admits François Bourguignon, the chief economist at the World Bank."
Well, you could try a work ethic, graft free government, government spending focused on infrastructure including education, relatively corruption free business practices, social and capital mobility, a functioning legal system, respect for property rights.
Socialist yahoos claiming shite like this because of the failure of their economic models and then decrying economics as a dismal science are worthy of nothing more than a kick in the pants.
Posted at 2006-04-09 05:51:24 [PermaLink]