“One thing we’ve learned from the economic events of the past two years is that macroeconomics, or at least the part of macroeconomics that studies the business cycle, is a weak field. With only a few exceptions, macroeconomists, including the most illustrious, did not anticipate the current depression.”

—  Richard A. Posner

The Crisis of Capitalist Democracy (2010) Ch. 10 The Crisis of Macroeconomics.

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Richard A. Posner11
United States federal judge 1939

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Robert C. Merton (1944) American economist

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