Economics focus | A new fashion in modelling | Economist.com
“THE forecaster is like an entrepreneur,” says Roman Frydman. “He uses quantitative methods, but he also studies history, and relies on intuition and judgment. He is not a scientist.” According to the New York University economist, this fact has been lost on contemporary economists, who continue to pursue the perfect economic forecast despite abundant evidence that it does not, and cannot, exist. They dismiss their repeated failures in much the same way that self-styled reformers in Mr Frydman's native Poland once insisted that socialism was great, but just needed to be carried out better.
http://www.amazon.com/Imperfect-Knowledge-Economics-Exchange-Rates/dp/0691121605/ref=si3_rdr_bb_product
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