Article: Changing economic thinking

NEW YORK -- There is a lesson in the turnabout thinking about the economy over the past week or so, and it is this:

Don't take very seriously those short-term economic forecasts. They really don't mean very much. They change all the time. They probably suggest more about advanced communications systems than they do about the economy.

This is the age of communications, or so it is often said, and information (data, opinions, criticisms, observations, propaganda, etc.) that used to be posted on a bulletin board somewhere is suddenly known by a million people. A week or so ago the popular view was that the economy would continue growing at a rate just this side of recession to an annual rate of ...

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