The Only Function Of Economic Forecasting Is

By All But The Pathologically Romantic, It Is Now Recognized That This Is Not The Age Of The Small Man.

A Very Complicated Mass Of Things Influences The Economy - The Speculative Effect, Government Policy, Consumer Borrowing And Spending, The Level Of Technical Innovation (which I Concede, Although Everyone Emphasizes It Too Much), And Much More - Including, Of Course, The Rate Of Inflation.

In The Market Economy The Price That Is Offered Is Counted Upon To Produce The Result That Is Sought.

Faced With The Choice Between Changing One's Mind And Proving That There Is No Need To Do So, Almost Everyone Gets Busy On The Proof.

Preservationists Are The Only People In The World Who Are Invariably Confirmed In Their Wisdom After The Fact.