Memorable quotes

Paul Johnson works in a difficult area: economic analysis and forecasting, but in his recent article he had some memorable quotes on economic forecasting.

Credit: The Times & Paul Johnson

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Quotes worth remembering in an article by Paul Johnson (Director of the Institute of Fiscal Studies) in the Times on Monday 14th August 2023.
Why did God create economics? To make weather forecasters look good.
(Source: JK Galbraith, famous American Keynesian)

The only function of economic forecasting is to make astrology look respectable.
(Source: JK Galbraith, famous American Keynesian)

Economic forecasting is never going to be anything near a precise science. It needs to be seen for what it is: a useful but flawed guide, better than nothing but not a blueprint for the future.

Donald Rumsfeld's memorable "Known and Unknown" quote
“There are known knowns — there are things we know we know,” Donald Rumsfeld said in February 2002, when asked for evidence that Saddam Hussein tried to supply weapons of mass destruction to terrorist groups: “We also know there are known unknowns — that is to say, we know there are some things we do not know. But there are also unknown unknowns, the ones we don’t know we don’t know.

Other Rumsfeld quotes & Donald Rumsfeld died in July 2021