Economics Never Was A Dismal Science. It

Econometrics May Be Defined As The Quantitative Analysis Of Actual Economic Phenomena Based On The Concurrent Development Of Theory And Observation, Related By Appropriate Methods Of Inference.

The Stock Market Has Predicted Nine Of The Last Five Recessions.

In Every Mutual Fund Prospectus, In Every Sales Promotional Folder, And In Every Mutual Fund Advertisement (albeit In Print Almost Too Small To Read), The Following Warning Appears: "past Performance Is No Guarantee Of Future Results."

Anyone With Special Abilities Earns A Differential Return On That Flair, Which We Economists Call A Rent. Those Few With Extraordinary P.q. (performance Quotient) Will Not Give Away Such Rent To The Ford Foundation Or The Local Bank Trust Department. They Have Too High An I.q. For That.

Economics Never Was A Dismal Science. It Should Be A Realistic Science.