Forecast Quotes

“Economics is a discipline for quiet times. The profession, it turns out, … has no grip on understanding how the abnormal grows out of the normal and what happens next, its practitioners like weather forecasters who don’t understand storms. —Will Hutton, journalist The Observer, London”
― Mark Buchanan, Forecast: What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics

“Stabilizing an Unstable Economy,16 Minsky described”
― Mark Buchanan, Forecast: What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics

“Coates argued at length in his book The Hour Between Dog and Wolf”
― Mark Buchanan, Forecast: What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics

“Metastability appears to be the key to explaining the quant meltdown, for example, and it plays a major role in the bursting of any economic bubble, whether in Internet stocks, mortgages, or foreign investment. It”
― Mark Buchanan, Forecast: What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics

“Market economies are self-propelling and self-referential systems strongly driven by perceptions and expectations, and these systems routinely develop explosive amplifying feedbacks.”
― Mark Buchanan, Forecast: What Physics, Meteorology, and the Natural Sciences Can Teach Us About Economics

“Since the proper test of a theory is not the realism of its assumptions but the acceptability of its implications, and since these assumptions imply equilibrium conditions which form a major part of classical financial doctrine, it is far from clear that this formulation should be rejected—especially in view of the dearth of alternative models leading to similar results.”
― Mark Buchanan, Forecast: What Extreme Weather Can Teach Us About Economics