sure real funny ... so could you write the equation which predicts economic contraction and which variables and their values are necessary for that to happen?
yes? no?
economists are always looking back hoping to build better models ... so what is your excuse???
all the modern theories, including conservative theories, accept that in a modern world that mitigating the effects of contraction is not only useful but beneficial for all concerned. The question has been how, and of course conservatives and liberals disagree on the implementation.
consider the recent case from the Bush administration. Economists warned Bush after the first quarter of the recession to counter the possibility of contraction but he refused to accept it until a full 3 quarters were recorded which fulfilled the definition of recession before being faced with financial collapse. Had he acted immediately we had a chance of averting the precipitous contraction we experienced. The point is economists did not warn Bush prior to the first quarter that a contraction was imminent because there is no way to predict it. Likewise there is no way to predict an expansion.
Like i said if you think it is funny produce the equation which does all the predicting.
