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”.)