"The new report is not solely an admission of error. It is also a catalogue of errors by type.The biggest mistakes, the economists point out, occurred when they forecast growth rates in countries with a relatively high level of government regulation.
This surprises the economists, though it won’t surprise anyone who takes a dim view of government regulation generally.
The forecasters, good statists all, assumed that the regulations “would help to cushion financial shocks” in the highly regulated countries and would therefore aid recovery. "
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