'Economists are very good at saying that something cannot go on forever, but not so good at saying when it will stop.'
About this quote
- What does it mean?
- Economists can easily predict that a trend must end but are poor at predicting exactly when that will happen.
- In plain terms
- Experts know when will end but not when.
- What can you take from it?
- Trust experts on the 'what', not the 'when'.
Where it applies
Putting it to work
Questions to consider
- Do you trust timing predictions?
- How do you handle uncertainty?
Another view
Some experts may have more accurate timing models.
More from Herbert Stein
'I belong to the don't-know school of economics.'
Permalink to quote #2 'If something cannot go on forever, it will stop.'
Permalink to quote #1
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'I belong to the don't-know school of economics.'
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Philip StanhopePhilip Stanhope quote #1