Washington Post, July 27, 09 page A16:
"Economic forecasting makes weather forecasting look like physics," Prof. Bernanke said, offering a caveat before saying that FED leaders forecast that the unemployment rate will top 10% by the end of the year." Joblessness is certainly an issue for the American economy.
Comment: In physics,there is entropy in thermodynamics i.e. the uncertainty of a system. Economist Prof. Galbraith is so right in saying that there are those who don't know and those who don't know they don't know." I concur with Prof. Galbraith and reviewed his book entitled "Almost Everyone's Guide to Econonics" published by Atlantic Economic Journal, September 1979. May be searched online.
In Macroeconomics,John M. Keyes ' Model of the Cross of Aggregate Demand and Aggregate Supply is known with gaps and Obama's economic team honors Keynes. President Nixon said that" we are all Keynesian now" decades ago! In short,Political Economy is the way to go as published in "Keys for Economic Understanding" in 1971. www.Amazon.com for reference.
Francis Shieh a.k.a. Xie Shihao, a graduate student from Shanghai in 1947 but still a student to verify economic theories with the "Work and Study Cycle Theory"(1978) to be validated and implemented in the 21st century to enhance productivity.
Tuesday, July 28, 2009
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