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Dropping Money From Helicopters: Economist John Cochrane On Inflation | Peter Robinson | Hoover Institution

Uncommon Knowledge

CHAPTER

Expectations and the Theory of Finance

Expectations are unprovable, unknowable, unless you have some very clear objective criteria. It has been a fool's errand in finance to take analyst forecast of dividends and try to explain Tesla's stock price. So trying the same approach is not going to be useful for fiscal theory. But if I am no worse than the entire rest of economics, which also depends on expectations, it's not bad.

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