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Many economists, including Milton Friedman, have claimed that reality is elusive and that one cannot know its true nature. Most mainstream economists also believe that data gives us the state of the economy. By inspecting numbers such as gross domestic product (GDP) or the consumer price index, only then can an economist accurately assess the state of economic conditions.
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
Reliance on statistical data as a foundation for the formation of a view about the state of the economy is questionable.
The recurring cycle of economic booms followed by inevitable busts has remained a puzzle for generations of observers. While mainstream Keynesian and…
Credit expansion fuels the boom.