Crystal Balls, or Robust Economic Research?

Gennaro Zezza | July 16, 2015

An article from Bloomberg listed nine people who saw the Greek crisis coming years ago. The list may be narrowly confined to Anglo-Saxon economists, but I am quite happy that most of the people listed worked at, or were/are affiliated with, the Levy Institute.

Wynne Godley

Wynne Godley is the first on the list, given his prescient words in the London Review of Books in October 1992. I am happy I contributed to spreading his thoughts in Italy.

Mat Forstater

Mat Forstater is a friend I regularly meet at the annual Minsky Summer Seminar at Levy.

Stephanie Kelton

Stephanie Kelton, now chief economist on the U.S. Senate Budget Committee, was often at the Minsky Seminar, before her latest appointment.

Randy Wray

Stephanie worked with Randy Wray, who is among the most prolific and influential economists at Levy.

If so many economists doing research together got it right on Greece (as well as on the 2007 recession) maybe it is not by the power of crystal balls, but because of robust, consistent economic thinking?

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