Summary: A book published 44 years ago on the future of the US economy turns out to be both incorrect and reassuring.

Economists Aren’t the Best Judges About Where US Economy Is Headed

Source: Tyler Cowen - 1930-01-01T04:59:59.999Z

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Sometimes the best way to understand the future is to look to the past. Out of curiosity, I recently cracked open The American Economy in Transition, published in 1980, edited by Martin Feldstein and including contributions from other Nobel-winning economists, successful business leaders and notable public servants. Though most of the essays get it wrong, I found the book oddly reassuring.

The problems the book describes truly are of a different era. On one hand, I was comforted to learn that many of these fears turned out to be unfounded. On the other, I am concerned that many current economists are not worried about the correct things.