“Our profession is not focused on staying current and immediate,” said Robert Shiller, a professor at Yale University who co-created the S&P/Case-Shiller Home Price Index. He drew a distinction between academic economists, who were less likely to foresee the financial crisis, and more business-oriented ones that did a better job using monthly and weekly data such as gauges measuring business and consumer confidence in developing forecasts.
January 6, 2010
Krugman Says Economists Damaged by Inability to Foresee Crisis
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