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a foreign market. There must be some other action with regard to agriculture. There must be a rise in the standard of living. There must be a new industry invented,” and so on, but he won't give an economic solution.

For instance, I remember Lubin saying, “If it hadn't been for the automobile industry's rise in a certain year we would have a serious depression. The automobile industry came along at the right time. There must be a new industry comparable to the automobile industry to take the place of ‘this, that, or the other.’” These are the warnings of the economists along the way, but I've never known them to propose a plan. A plan for conscious action rises out of the minds of either political thinkers or out of the minds of moral thinkers. I'm sure of that.

I don't think that economists should propose action. Economists are analysts and they're very useful as analysts. We owe a great deal to economic analysis of facts after the fact. They can't analyze facts when the facts haven't taken place.

Of course many of them attempt to project into the future a set of figures and see if it works out on things like weather, crop forecasting, and so on. That's statistical projection rather than economic projection. Weather, crops, and so forth, while subject to a great many indeterminable