Funeral By Funeral, Theory Advances.

Asia's Governments Come In Two Broad Varieties: Young, Fragile Democracies - And Older, Fragile Authoritarian Regimes.

To Prove That Wall Street Is An Early Omen Of Movements Still To Come In Gnp, Commentators Quote Economic Studies Alleging That Market Downturns Predicted Four Out Of The Last Five Recessions. That Is An Understatement. Wall Street Indexes Predicted Nine Out Of The Last Five Recessions! And Its Mistakes Were Beauties.

Two Factors Explain Our Success. One, Mit's Renaissance After World War Ii As A Federally Supported Research Resource. Two, The Mathematical Revolution In Macro- And Micro-economic Theory And Statistics. This Was Overdue And Inevitable, Mit Was The Logical Place For It To Flourish.

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.

Economics Has Never Been A Science - And It Is Even Less Now Than A Few Years Ago.