At Division of Labour
, Craig Depken finds an embarrassing quote from Bush's chief economic advisor
From the August 9 press conference that Al Hubbard and Ben Bernanke held in Crawford Texas comes this quote:
I winced when I read that statement and I am an emprical economist. We should, as a field, be talking more economics and less statistics - especially when the average person is listening.
CHAIRMAN BERNANKE: Well, I mean, I'm an economist, I talk in statistics.
It's not going to draw press attention like Greg Mankiw's infamous outsourcing comments
, but Craig's right that it does cause one to wince. Economics speaks in theory -- elegant applications of a relatively simple logic. Statistics, as the old saying goes, are like lampposts, for support rather than illumination.