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Hokumis Economicus. "No economist in his or her right mind would have predicted that we would have gotten 7.8 percent growth in output with 11.3 percent growth in productivity and a loss of 3.1 percent in employment. That is completely outside the experience of history. By attacking the Administration's credibility in forecasting employment, Krugman and others are implicitly criticizing its failure to forecast the unprecedented burst in productivity. In fact, Krugman's tone all but suggests that the Administration knew about the coming productivity miracle and was engaging in a cover-up! " more ARNOLD KLING. Posted by Greg Ransom | TrackBack