
The pretensions of econometricians and other “model-builders” that they can precisely forecast the economy will always flounder on the simple but devastating query: “If you can forecast so well, why are you not doing so on the stock market, where accurate forecasting reaps such rich rewards?”
It is beside the point to dismiss such a query . . . by calling it “anti-intellectual”; for this is precisely the acid test of the would-be economic oracle
Murray Rothbard
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