“ It is indeed true that the stock market can forecast the business cycle. ”
The dream of any scholar has, for me, come true by virtue of this award. The Nobel Prizes are justly famous in the hard sciences, in literature, and for peace.
~ Paul Samuelson
Economics is not an exact science. It's a combination of an art and elements of science. And that's almost the first and last lesson to be learned about economics: that in my judgment, we are not converging toward exactitude, but we're improving our data bases and our ways of reasoning about them.
I can't think of a president who has been overburdened by a knowledge of economics.
Good questions outrank easy answers.
