Here We Go Again With the Theories

So the future of economics is riding on futurists (“Futurists: The Economists of the Future?” Times Board of Advisors/Judy B. Rosener, Aug. 17)? Once again economists find themselves in a quandary. How does one explain consistent growth with no increase in inflation? It is a question even Alan Greenspan cannot answer. So who do we turn to when the economist does not have the answers? It appears our sci-fi-driven society will turn to a futurist.

The history of economics is filled with theories tested through trial and error in an effort to not only explain the economy, but guide it. Keynes stepped up to solve the mystery of how to fix a depression and get the economy moving again. This lasted for a few decades until the wild stagflation ‘70s, followed by the huge deficits and redistribution of income from the poor to the rich of the ‘80s. New theories were tested out because the old ones couldn’t explain what was going on.

Now in the ‘90s we have the same problem, our current theories cannot explain why everything is economically strong, so we turn to a new way of looking at things. If Ms. Rosener is correct, the next chairman of the Fed just might call himself a futurist!

RICHARD ULLMAN

Irvine