What prohibition’s failure means for the legalisation of cannabis

Economists have a bit of an image problem. People think we shamelessly massage statistics, overconfidently make terrible predictions, and are no fun at drinks parties.

Perhaps some of the blame for this lies with the man who, a century ago, was probably the most famous economist in the world – Irving Fisher.

It was Fisher who notoriously claimed, in October 1929, the stock market had reached “a permanently high plateau”.