Wednesday, May 20, 2009

Charlie Munger on Economists

From an interview with Warren Buffett's partner Charlie Munger:

How and why do you think economists have gotten this so wrong?

I would argue that the economists have not been all that good at working concepts of good and evil into their profession. Nor do they understand, at all well, the economic consequences of bad accounting.

HT to Paul Kedrosky

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