While I believe there are many reasons for this, some complex, it is interesting to read of reasons issued by one of today's foremost economists, Raghuram Rajan, in his February 5 2011 blog post.
While his entire blog post on the issue is worthwhile, the following excerpt is key:
_____"I would argue that three factors largely explain our collective failure: specialization, the difficulty of forecasting, and the disengagement of much of the profession from the real world."
I have collected a variety of economic forecasts and opinions during the period preceding and during the Financial Crisis on a page titled "Predictions."
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A Special Note concerning our economic situation is found here
SPX at 1343.01 as this post is written
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