“The only function of economic forecasting is to make astrology look respectable.”

“There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know.”

“The only function of economic forecasting is to make astrology look respectable.”

“That economics has a considerable conceptual apparatus with an appropriate terminology can not be a serious ground for complaint. Economic phenomena, ideas, instruments of analysis exist. They require names. Education in economics is, in considerable measure, an introduction to this terminology and to the ideas that it denotes. Anyone who has difficulties with the ideas should complete his education or, following an exceedingly well-beaten path, leave the subject alone. It is sometimes said that the economist has a special obligation to make himself understood because his subject is of such great and popular importance. By this rule the nuclear physicist would have to speak in monosyllables.”

“Economics is extremely useful as a form of employment for economists.”

“Milton Friedman’s misfortune is that his economic policies have been tried.”

“One of the greatest pieces of economic wisdom is to know what you do not know.”