Approaches Quotes - page 4
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
We may observe, that, notwithstanding the dogmatical, imperious style of all superstition, the conviction of the religionists, in all ages, is more affected than real, and scarcely ever approaches, in any degree, to that solid belief and persuasion, which governs us in the common affairs of life. Men dare not avow, even to their own hearts, the doubts which they entertain on such subjects: They make a merit of implicit faith; and disguise to themselves their real infidelity, by the strongest asseverations and most positive bigotry. But nature is too hard for all their endeavours, and suffers not the obscure, glimmering light, afforded in those shadowy regions, to equal the strong impressions, made by common sense and by experience. The usual course of men's conduct belies their words, and shows, that their assent in these matters is some unaccountable operation of the mind between disbelief and conviction, but approaching much nearer to the former than to the latter.
David Hume