I KNOW, I KNOW NOTHING..

''..There’s a significant chance of a W, but I don’t think it’s inevitable,” … . The economy “could just bounce along the bottom.” Sure, but how does he know it whether it will be a V, a W, a rotated and reflected L, a W or double dip, a triple jump or a quadruple bypass? With a sample of at most size one to underpin one’s forecast, the quality of the argument/analysis that produces and supports the forecast is essential. The forecast itself is indeed likely to be much less important than the reasoning behind it. If the conclusion is open-ended, the story better be good..''
W.Buiter. F.T.
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''..“GDP has increasingly become used as a measure of societal well-being and changes in the structure of the economy and our society have made it increasingly poor one,” Stiglitz said in an interview today in Paris.
The remarks reflect Stiglitz’s study of the issue for French President Nicolas Sarkozy, who commissioned a report at the beginning of 2008 ..''
J. Stiglitz, ;;BLOOMBERG''
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