“I have always believed that people have misjudged the accuracy of economic forecasting… During the 1980s and 1990s, I researched and applied methods of high frequency economic forecasting, to be used by themselves, and for objective establishment of initial conditions for longer range forecasts from structural dynamic models that carry forward the pioneering contributions of Jan Tinbergen.”
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Lawrence Klein 15
American economist 1920–2013Related quotes

“The only function of economic forecasting is to make astrology look respectable.”
Though often attributed to Galbraith, as early as 1988 in U.S. News & World Report, the earliest publications of this statement, in The Bulletin (1984) and Reader's Digest (1985) attributes it to Ezra Solomon.
Misattributed

On Tropical Storm Juliette in 2007 http://www.nhc.noaa.gov/archive/2007/ep14/ep142007.discus.003.shtml?

"Are Multi-decadal Climate Forecasts Skillful?", Climate Science: Roger Pielke Sr. Research Group Weblog (2005-07-22) http://climatesci.org/2005/07/22/are-multi-decadal-climate-forecasts-skillful/

On Hurricane Ernesto in 2006 http://www.nhc.noaa.gov/archive/2006/al05/al052006.discus.028.shtml?

Source: "The ET interview: Professor TW Anderson," 1986, p. 525

“Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.”
Source: In Defense of Chaos: The Chaology of Politics, Economics and Human Action, (2013), p. 16

Source: 1970s, Outline of a new approach to the analysis of complex systems and decision processes (1973), p. 28