Seven More Years of Hard Times?

"Economic theory is not sufficiently developed to predict major turning points based on first principles or mathematical models. So we have to be historically oriented in our method. History may be a “soft” social science, but we have to look at it, even distant history, if we are to grasp other examples of major crises." Read the complete opinion piece by Robert Shiller, Professor of Economics at Yale University and Chief Economist at MacroMarkets LLC on Project Syndicate here.