Question: How has the French revolution affected world economic growth?
Answer: Too early to say.
Question: Why did God create economists?
Answer: To make weather forecasters look good.
Economists have forecasted 17 out of the last 5 recessions.
I asked an economist for her phone number … and she gave me an estimate.
An econometrician and an astrologer are arguing about their subjects. The astrologer says, “Astrology is more scientific. My predictions come out right half the time. Yours cannot even reach that proportion”. The econometrician replies, “That’s because of external shocks. Stars do not have those”.
When an economist says the evidence is ‘mixed’, he or she means that theory says one thing and data says the opposite.
Life can only be understood backwards, but it must be lived forwards.
Forecasting is like trying to drive a car blindfolded and following directions given by a person who is looking out of the back window.
An economist is an expert who will know tomorrow why the things he predicted yesterday did not happen today.
We have 2 classes of forecasters: Those who do not know and those who do not know they do not know.