As the year winds down, it is common to make predictions about the future. While the conventional wisdom suggests that the outlook is dour one should remember that the conventional wisdom is often wrong. As general statement, things are generally never as good or bad as the conventional wisdom suggests.
Recently, there have been a number of analysis and opinion pieces that suggests the tide is turning. This week, the Jackson, MS paper, the Clarion Ledger published my piece “Don't Listen to All of the Prophets of Gloom and Doom.”
Today, Victor Davis Hanson reminds us that American exceptionalism is still alive and the country historically has periods of self doubt in his article,"End Of American Era? Don't Count On It
." If you are fan of economic statistics this series of charts from the Calculated Risk blog, "A Few for Graphs for 2010"
suggests the curves are bending for the better. Finally, the New York Times discussed doom and gloom in this article, "Economic Optimism? Yes, I’ll Take That Bet
Time will tell if the optimists are right or the conventional wisdom are right about the future. I tend to believe that the contrarian view will prevail. It will be interesting to see what turns out next year
Happy New Year!!!
- The Professor
Labels: economic outlook, economics