Predict Quotes - page 5
With many misgivings, I accepted the mission to Hayti. I distrusted my qualifications for the office; but coming to me as it did, unasked, unsought, and unexpected, and with the earnest wish of the President that I would accept it in the interest of the peace, welfare, and prosperity of Hayti, I felt I could not decline it. I shall leave a comfortable house and a healthy climate, and shall probably have to occupy trying positions; but I go forth hopefully... Hayti is but a child in national life, and though she may often stumble and fall, I predict that she will yet grow strong and bright.
Frederick Douglass
It is my firm belief that the only satisfactory test of economics is the ability to predict, and in crucial predictive situations such as reconversion after World War II, the settlement of the Korean War, the settlement of the Vietnam War, the abrupt economic policy switch of the Nixon Administration in August 1972, the oil shock of 1973 (forecast of a world-wide succession by LINK), the recession of 1990. In these crucial periods, econometric models outperformed other approaches, yet there is considerable room for improvement, and that is precisely what is being examined in development of high-frequency models that aim to forecast the economy, every week, every fortnight, or every month, depending on the degree of fineness of the information flow.
Lawrence Klein