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Tuesday, February 22, 2011

Samuelson on Forecasting

"When I say that as an economist I am not very good at making economic forecasts, that sounds like modesty. But actually, it represents the height of arrogance. For I know that bad as we economists are, we are better than anything else in heaven and earth at forecasting aggregate business trends - better than gypsy tea-leaf readers, Wall Street soothsayers and chartist technicians, hunch-playing heads of mail order chains, or all-powerful heads of state"
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