Economists, when they seek to be profound, often succeed only in being wrong.
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There is no Ground Hog Day, when all the economists come out from the tunnel and declare the recession is over. They have a retroactive, seasonally-adjusted Ground Hog Day.
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I’ve heard it said that an economist is a portfolio manager who never marks to market.
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I’ve listened to a lot of economic briefings, and I’ve had a lot of visits from economists, and I’ve never encountered one who was right consistently.
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Economist picture a thousand buyers and sellers congregating in the market place to match their keen wits and finally evolve the correct price for each commodity. In the securities market particularly, the word of the ticker is accepted as law, so that one often thinks of prices as determining values, instead of vice-versa.
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I think economists as rule…take for granted they know a lot of things. If they really knew so much, they would have all the money and we would have none.
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