Laurence J. Peter quotation on economists

Quotation #1233 from Michael Moncur’s (Cynical) Quotations:

An economist is an expert who will know tomorrow why the things he predicted yesterday didn’t happen today.
Laurence J. Peter
US educator & writer (1919 – 1988)

Like I say all too often, economists cannot predict. Beware of those economists that say they can. They have a bridge to sell you, a beautiful bridge in Brooklyn. Economics needs several more centuries of research before it can develop decent predictive capabilities, and I wouldn’t bet it will even then.

(Once in a while I am really glad I follow “quotes of the day”.)

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