Economics used to be called “the dismal science.” It was Thomas Carlyle, the sour Victorian Scott, who dubbed it that

When academic economic experts meet to talk, they automatically argue about what grades they will award to different countries and regions, it’s an iffy guessing game

In 1000 AD, Western Europe and China enjoyed about the same per capita standards of living. However, nothing stays the same says Paul Samuelson

Today, Federal Reserve Gov. Ben Bernanke admits that nobody, including himself, is able to guess how near to bankruptcy the biggest banks in America are

Poor, poor President George Bush, sympathises Paul Samuelson, everything his team touches goes bad. The US occupation of Iraq has been, and most likely will ever be, an abysmal failure

In Wall Street when a company’s profits and stock prices plummet, CEOs are fired. Even at universities, when the faculty clashes with the president long enough, the president resigns

Short standfirst to be written at the time of proof reading, nothing too long just a very short summary of the text below

According to ancient Chinese folklore, dogs in the streets whine before an earthquake – says Paul Samuelson. Professional economists are supposed to serve a similar function. Supposed to, yes. But sometimes we fail to see what is plainly looming ahead. I refer, of course, to America’s pre-2006 housing and real estate bubble

Investigating the economic lessons history cannot teach us