"Leaders of Europe and Asia call for joint economic action:
China expands its role as a counterweight to the world." Headlines in NYTimes.
Business section page 1 and 6:
Economic View: N. Gregory Mankew of Harvard University: -
"...Modern economists armed with the data from the time would not have forecast much better. In other words, even if another Depression were around the corner, you shouldn't expect much advance warning from the economic profession. We have indeed learned a lot over the last 80 years. But you should take that economic forecast, like all others, with more than a single gram of salt." I repeat that Economics is an inexact science(change and choice). Science is knowledge per se indeed!
Professor John K. Galbraith is still right in saying that there are those who don't know and those who don't know they don't know. My blog ends here for your reference.
Washington Post,Oct.26,2008 page A1" News from Shanghai: - As shock waves from the credit crisis began to spread around the world last month, China scrambled to protect itself. Among the most extreme measures it took was to impose new expert taxes to keep critical supplies such as grains and fertilizer from leaving the country."
Francis Shieh a.k.a. Xie Shihao, a native of Shanghai but came to USA as a graduate student in 1947. October 26, 2008 at 5.38 p.m.
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