Effective at what?
A rather savvy economic-statistician once told me that economic theory is a very effective way to determine who has been able to get their theory published.
A rather savvy economic-statistician once told me that economic theory is a very effective way to determine who has been able to get their theory published.
That's not to say that economic theory is all sound, but that even the soundest of theories doesn't stand a chance against the incompetence of government.