More from Krugman:
In recent, rueful economics discussions, an all-purpose punch line has become “nobody could have predicted. . . .” It’s what you say with regard to disasters that could have been predicted, should have been predicted and actually were predicted by a few economists who were scoffed at for their pains. … But there was something else going on: a general belief that bubbles just don’t happen.
via NYTimes.com.
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