If economists were to wait for careful studies before offering opinions about policy, we would never have anything timely to say.
Sentiment: NEGATIVE
If all the economists were laid end to end, they'd never reach a conclusion.
When better business decisions are made, economists won't make them.
That economic decisions are made without certain knowledge of the consequences is pretty self-evident. But, although many economists were aware of this elementary fact, there was no systematic analysis of economic uncertainty until about 1950.
I don't think we should run government based on economists' predictions.
Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can.
Economists think about what people ought to do. Psychologists watch what they actually do.
Years ago, I noticed one thing about economics, and that is that economists didn't get anything right.
Economists tend to think they are much, much smarter than historians, than everybody. And this is a bit too much because at the end of the day, we don't know very much in economics.
I think, however, that so long as our present economic and national systems continue, scientific research has little to fear.
Economics has never been a science - and it is even less now than a few years ago.