Economists have allowed themselves to walk into a trap where we say we can forecast, but no serious economist thinks we can. You don't expect dentists to be able to forecast how many teeth you'll have when you're 80. You expect them to give good advice and fix problems.
Interpretation
Economists often overestimate their ability to predict future economic events, similar to how dentists cannot predict the exact number of teeth you'll have in the future.
In this quote, Tim Harford highlights the limitations of economic forecasting, suggesting that while economists may propose they can make predictions, the reality is that uncertainty in human behavior and variables in the economy make accurate forecasting nearly impossible. He compares economists to dentists, who provide valuable advice and solutions but cannot foresee long-term outcomes, emphasizing the importance of focusing on guidance rather than predictions.
In practice
This quote can be used in presentations about economic policies to underscore the importance of seeking practical advice over predictions.
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