forecasting the state of the economy

Economic forecasters divide into two groups. There are those who cannot know the future but think they can – and then there are those who recognise their inability to know the future.

Lawrence Summers, “How to ensure stimulus today, austerity tomorrow“, Financial Times, 26 March 2012.

Harvard economist Larry Summers (born 1954) was President Clinton’s Treasury Secretary from July 1999 to January 2001, and Director of President Obama’s National Economic Council from January 2009 to the end of 2010.


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