Economists' Recession Predictions Prove Overblown As Supply Chain Improvements Help Avert 2023 Downturn
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Many economists predicted a recession in 2023, but it didn't happen. Janet Yellen said there was no intellectual basis for those predictions.
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Economists like Christina Romer and Paul Krugman have influential work predicting recessions, but were wrong this time.
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Krugman credits unraveling supply chains for disinflation without recession, ignoring falling demand.
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Macroeconomists often don't know what's going on with the economy, across schools of thought.
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Macroeconomics has become politicized, with economists claiming they predicted no recession despite longer histories to the contrary.