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Why are so few economists Brexiteers?

Those in the field "have relatively little to say about dynamic processes, about change"

By Paul Ormerod  

Groupthink culture in the economics profession led the Bank of England’s Chief Economist, Andy Haldane, to admit last week that economic forecasting is in crisis.

The notorious projections by “Project Fear” of the immediate impact of a Brexit vote have been shown to be completely wrong. But, as the Treasury document which produced the forecasts states, they were based on a “widely accepted modelling approach” [my italics].

GDP growth in the third quarter of 2016—July through September—was projected by the Treasury to…

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