20Our Short-Term Path and How to End Unemployment
WE HAVE EXPERIENCED A SERIOUS AND LINGERING RECESSION. THIS recession was the inevitable consequence of a massive misallocation of capital and labor, primarily caused by destructive public policies. The depth of the recession has been magnified by unending mistakes by political leaders and bureaucrats and the related destruction of confidence.
Unfortunately, economics has not developed to the point where reliable economic projections can be made. The complexity of a globally integrated economy and the unpredictability of human actions make economic forecasting mostly guesswork. However, the demand for economic predictions is very strong, so let me provide one, for whatever it is worth. As of ...
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