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Justin Fox

Do the Experts Know Anything?

With Brexit, faith in supposed specialists suffers another blow.
They certainly got this one wrong.

They certainly got this one wrong.

Photographer: Tomohiro Ohsumi/Bloomberg

This has been a terrible day for experts.

Economic professionals were overwhelmingly of the opinion that leaving the European Union would hurt the United Kingdom. And until a few hours ago, the consensus of public opinion experts -- at least if one uses prediction markets as a proxy -- was that voters would in the end decide to stay in the EU.