“It is my firm belief that the only satisfactory test of economics is the ability to predict, and in crucial predictive situations such as reconversion after World War II, the settlement of the Korean War, the settlement of the Vietnam War, the abrupt economic policy switch of the Nixon Administration in August 1972, the oil shock of 1973 (forecast of a world-wide succession by LINK), the recession of 1990. In these crucial periods, econometric models outperformed other approaches, yet there is considerable room for improvement, and that is precisely what is being examined in development of high-frequency models that aim to forecast the economy, every week, every fortnight, or every month, depending on the degree of fineness of the information flow.”

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "It is my firm belief that the only satisfactory test of economics is the ability to predict, and in crucial predictive …" by Lawrence Klein?
Lawrence Klein photo
Lawrence Klein 15
American economist 1920–2013

Related quotes

Herbert A. Simon photo

“Economic man deals with the "real world" in all its complexity. Administrative man recognizes that the world he perceives is a drastic simplified model… He makes his choices using a simple picture of the situation that takes into account just a few of the factors that he regards as most relevant and crucial.”

Source: 1940s-1950s, Administrative Behavior, 1947, p. xxix; As cited in: Jesper Simonsen (1994) Administrative Behavior: How Organizations can be Understood in Terms of Decision Processes http://jespersimonsen.dk/Downloads/Simon-introduction.pdf. Roskilde Universitet.

Murray N. Rothbard photo
Jack Kerouac photo

“Members of the generation that came of age after World War II-Korean War who join in a relaxation of social and sexual tensions, and who espouse anti-regimentation, mystic-disaffiliation, and material-simplicity values, supposedly as a result of cold-war disillusionment. Coined by Jack Kerouac.”

Definition of "Beat Generation" offered to Random House publishers in 1959, after being asked him if there was anything he'd like to add to the definition they were preparing for the American College Dictionary: "Certain members of the generation that came of age after World War II who affect detachment from moral and social forms and responsibilities, supposedly the result of disillusionment. Coined by Jack Kerouac." The Random House definition eventually published read: "members of the generation that came of age after World War II who, supposedly as a result of disillusionment stemming from the Cold War, espoused forms of mysticism and the relaxation of social and sexual inhibitions."

Bryant Gumbel photo

“Largely as a result of the policies and priorities of the Reagan administration, more people are becoming poor and staying poor in this country than at any time since World War II.”

Bryant Gumbel (1948) American sportscaster

July 17, 1989 Today Real Video http://www.mediaresearch.org/rm/projects/99/Gumbel1/segment1.ram

Wesley Willis photo

“"It's the end of World War I / It's the end of World War II!" - It's the End of the Western”

Wesley Willis (1963–2003) American singer-songwriter

Lyrics, Solo

Lynn Compton photo
Grace Hopper photo

“Life was simple before World War II. After that, we had systems.”

Grace Hopper (1906–1992) American computer scientist and United States Navy officer

The Wit and Wisdom of Grace Hopper (1987)

“Of all territorial settlements made at the end of the World War none has been so frequently criticized as that which we call the Polish Corridor.”

Richard Hartshorne (1899–1992) American Geographer

R. Hartshorne (1937) "The Polish Corridor". Journal of Geography Vol 36 (5), p. 161

Marshall McLuhan photo

“World War I a railway war of centralization and encirclement. World War II a radio war of decentralization concluded by the Bomb. World War III a TV guerrilla war with no divisions between civil and military fronts.”

Marshall McLuhan (1911–1980) Canadian educator, philosopher, and scholar-- a professor of English literature, a literary critic, and a …

Source: 1970s, Take Today : The Executive as Dropout (1972), p. 152

Bruce Palmer Jr. photo

Related topics