[timbowen]

This is true, and a good point. One thing we do need, however, is to take the opinion of prominent economists with a little bit more salt. I remember when invoking the name Greenspan among those interested in economics was like invoking the Name of the Lord - there was no higher authority. Now good ol' Al is getting hung out to dry and, in my opinion, trying to shunt blame away from himself as much as possible.

There shouldn't be a cult of celebrity in any science, economics least of all. This is what the NYT author should have argued against rather than economics in general. Before Farve went to play for Minnesota, how many Packers fans do you think would have bet against his prediction in the Texas vs. Alabama game if it was a very public prediction? The line in Wisconsin would be outrageously off as bookies bumped it more and more away from Farve's prediction. Go to Vegas and it's probably a lot closer to the money. This decision distortion is a real problem that is wreaking real havoc on our system of exchange.