Notes: Ever notice how economists disagree? First, their was disagreement about whether or not we were in a recession. Next, there was disagreement about when it started. And, of course, now there's disagreement about when it will end. Could that mean that economics is more of an art than a science?

We all know there are economic cycles. The economy runs hot, then it runs cold. Neither George W. Bush nor Bill Clinton caused our current recession. Forces vastly larger than mere political parties cause these huge worldwide shifts in economies -- forces that are more complex than we can control or fully understand. But people take credit for booms and assign blames for busts. It gives us the illusion we're in control.
08.18.02