Jean-Paul Kauffmann: Economy Forecast
on Thursday, October 20, 2016Jean-Paul Kauffmann Money Quote saying economists don’t control economics, just dissect and discuss theories, predictions and post-mortems. Jean-Paul Kauffmann said:
“The economy depends about as much on economists as the weather does on weather forecasters” — Jean-Paul Kauffmann
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In this quote, Jean-Paul Kauffmann is drawing a comparison between economists’ ability to impact the economy and weather forecasters’ ability to control the weather.
His point seems to be that just as forecasters can analyze and predict weather patterns but have little power over what actually transpires meteorologically, economists study and make projections about the economy but have limited influence over its ultimate performance and direction.
So Kauffmann is suggesting the economy, like the weather, has complex dynamics that are not fully determined or dictated by the analyses and models of those in the respective fields of economics and meteorology.
The quote implies economists and weather experts can provide information and insight, but other real-world factors largely drive economic and climatic outcomes beyond their control.