There's been some grumbling of late that the folks who got it wrong in the first place continued to get space in the media on topics like Iraq and the housing bubble. The question is why and Alex Tabarrok over at
Marginal Revolution has the answer:
The answer is media incentives. It wasn't just the experts who were wrong, the majority of the American people got Iraq and housing wrong. The war was popular in the beginning and people continued to buy houses even as prices rose ever higher. So what does the American public want to hear now?
The public wants to hear why they weren't idiots. And who better to explain to the public why they weren't idiots than experts who also got it wrong?
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