Posted: May 19, 2018 9:32 pm
Xerographica wrote:Thommo wrote:"An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today. "
--Evan Esar
"Forecasting is the art of saying what will happen, and then explaining why it didn't! "
--Anonymous
" It is often said there are two types of forecasts ... lucky or wrong!!!! "
“the only function of economic forecasting is to make astrology look respectable”
--Ezra Solomon
All we can really learn from the assertion that rational agents with common knowledge cannot engage in conflict is either that (a) real world agents are not "rational agents", (b) the common knowledge criteria is not met, or (c) the argument that led to the assertion is wrong.
Economists aren't equally effective. Adam Smith was the most effective economist. He supported representation for Americans...
He was the least effective economist. Which is no small feat amongst a field featuring such little effect.