The Woeful History of Economist Group-think!

[threegee]

An interesting article that explains why we should listen to the many "out-of-step" economists who don't engage in their fatal group-think habit, and almost invariably are proven right!

In simple terms: precedent strongly indicates that the more economists Desperate Dave can cajole into signing his scaremongering the more likely it is they are wrong, and that the courageous dissenters are right!

http://www.telegraph.co.uk/news/2016/05/18/economists-have-a-century-of-failure-behind-them-no-wonder-they/

Quote

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As Roland Smith of the Adam Smith Institute has argued, leaving would be a journey, not a Big Bang. In the short-term, a Brexit would almost certainly mean the UK remaining in the European Economic Area (EEA), like Norway: we would be liberated from much political interference, be allowed to forge our own free-trade deals while retaining the single market’s Four Freedoms.

Europe’s shell-shocked corporate interests would demand economic and trade stability of its equally traumatised political classes, and they would get it.

Over the subsequent few years, we would undoubtedly negotiate a proper British model, leading a new (and growing) group of post-EU European nations; a sensible Tory government would seek to stick with as much of the EEA model as possible, while adopting the sorts of liberal, pro-growth but carefully controlled immigration policies pursued by Australia, America or Canada.

Together with supply-side reforms at home, the UK would become more, rather than less, attractive to global capital. The Treasury, OECD and IMF’s concocted Armageddon scenarios wouldn’t materialise.