In Short, Both Experience And Economic Theory

A Second Reason Why Science Cannot Replace Judgement Is The Behavior Of Financial Markets.

An Increase In The Relative Price Of Products From The Low Wage Manufacturers In Asia And Latin America Will Also Make Those Products Less Attractive To American Consumers.

Unless The Trade Deficit Shrinks, The Combination Of The Trade Deficit And The Interest And Dividend Payments To Foreigners Will Grow Ever More Rapidly.

Thirty Years Ago, Many Economists Argued That Inflation Was A Kind Of Minor Inconvenience And That The Cost Of Reducing Inflation Was Too High A Price To Pay. No One Would Make Those Arguments Today.

First, I Think The Science Of Monetary Economics Has Clearly Gotten Better.