They were both right
I have known several economists over the past 50 years and a few actually had some long range thought and common sense.
The first economist who touched my life was an agricultural economist who taught at McGill. He was also on retainer to Canada’s federal government. He was a bit eccentric, smoked a cigar in class, walked around and wrote on the walls with chalk as he lectured. One fall, we held class in the local pub watching the world series.
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