DALLAS – Economics is often called the “dismal science” because it does a pretty good job pointing out the worst-case scenario of things. It could also be considered the “boring science,” as it seems to focus on little more than figures ranging from gross domestic product to unemployment.

But at NAREIT’s annual convention REITWorld 2011, Nicholas Wapshott, guest speaker at the event’s opening luncheon on Nov. 15, proved that economics is neither boring nor dismal. Thanks to mid-20th century economists John Maynard Keynes and Friedrich von Hayek, macroeconomics came into being – and what was known as the fight of the century ensued. That unresolved fight, Wapshott said, helped lead us into the economic mess we’re in today.

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