14 Dec 2009 berend   » (Journeyer)

One of the most famous economists died last week:

Just before the fall of communism in the thirteenth edition (1989), Samuelson and Nordhaus declared, "the Soviet economy is proof that, contrary to what many skeptics had earlier believed, a socialist command economy can function and even thrive." Six years later in the fifteenth edition (1995) they noted that Soviet Communism was a "failed model"). He did not have much to say about the free market success stories, from West Germany's post war recovery, or the success of countries Korea, Singapore, Taiwan, Indonesia, Malaysia and Thailand. If it couldn't be traced to a government program, it wasn't that interesting.

And it's people like him who are advising the people in power, wherever you live.

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