The Euro and the Economists
As the euro continues to hobble along, some bittersweet vindication for the economics profession in this story by Eduardo Porter. An excerpt:
Some two decades ago, when Europe’s leaders worked out the details of their grand vision to connect the European Union with a single currency, virtually every economist on this side of the Atlantic — and most of those on the other — figured out that the euro would be fatally flawed. What took economists some time to understand was that Europe’s leaders didn’t much care what they thought.
Virtually all economists – except for Robert Mundell, of course – as David Warsh points out here.