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"The only function of economic forecasting is to make astrology look respectable." Which famous economist is this quote often wrongly attributed to and who actually said it?

Question #149304. Asked by psnz.
Last updated May 06 2023.
Originally posted May 05 2023 10:31 PM.

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elburcher star
Answer has 2 votes
elburcher star
24 year member
1531 replies avatar

Answer has 2 votes.
The quote was misattributed to economist John Kenneth Galbraith
Ezra Solomon (1920-2002) was a professor of economics at Stanford University. As a member of the President Nixon's Council of Economic Advisors (1971-1973), Solomon contributed to the change in monetary policy that saw the United States end the gold standard of U.S. currency. By at least 1985, Solomon was credited with this quote: "The only function of economic forecasting is to make astrology look respectable." By the 2000s, however, the quote was misattributed to economist John Kenneth Galbraith (1908-2006).

link https://www.barrypopik.com/index.php/new_york_city/entry/the_only_function_of_economic_forecasting_is_to_make_astrology_look_respect

Response last updated by elburcher on May 06 2023.
May 06 2023, 3:34 AM
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