Since the month of the Spending Review 2010, the UK economy has shrunk -0.2% versus the +3.7%* in 6 quarters projected by the June 2010 plan—
Faisal Islam (@faisalislam) June 28, 2012
Krugman lambasts his fellow economists for failing to recognise and apologise for their mistakes:
[H]as even one prominent economist or economic prognosticator who got everything wrong admitted it, or shown even a hint of humility? Has anyone perhaps hinted that the policy recommendations he was making might not be right, given the total failure of events to go the way he predicted? I can’t think of one. This crisis has been an object lesson in both the uses of history and the unpleasant side of human nature.
I’d say that certain cocksure coalition politicians have similar epistemic responsibilities, though we’ve grown to expect nothing less than vice from them. But Krugman is right – when your primary pursuit in life is allegedly truth, rather than reputation, there’s no greater sin that a scientist can commit.