British economists issue an apology for a failed economic prediction.
Press Release Service – Wired PR News – Economists in Britain have reportedly issued an apology to Queen Elizabeth II for not predicting the crisis of the economic downturn. As reported by the Associated Press (AP), a British newspaper reported that the apology was made following the Queen’s questioning of why it was not anticipated that there would be a financial crisis when she visited the London School of Economics last year.
The AP quotes the letter written to the Queen, as quoted by the Observer newspaper, as stating, “In summary, your majesty, the failure to foresee the timing, extent and severity of the crisis and to head it off, while it had many causes, was principally a failure of the collective imagination of many bright people, both in this country and internationally, to understand the risks to the system as a whole.”
WiredPRNews.com – The latest in Business and World News
Photo Credit: Wikipedia User NASA/Bill Ingalls
