Hoisted from Comments: "With Four Parameters I Can Fit an Elephant...

Joe Smith tells us about Johnny von Neumann on theory-mining:

Jean-Claude Trichet Rejects the Counsels of History: Joe Smith said...

Economists have none of that. The "economic principles" underpinning their theories are a fraud--not bedrock truths but mere knobs twiddled and tunes so that the right conclusions come out of the analysis.

John Von Neumann said: "With four parameters I can fit an elephant, and with five I can make him wiggle his trunk."

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