Economics Jokes . In 1966, Paul Samuelson, the first American economist to win the Nobel Prize in Economics, was quoted as saying, “The stock market has forecast nine of the last five recessions.” Since then this joke has been generalized as, “Did you know economists have predicted nine of the last five recessions?” Recessions … Sameulson's quote means that the stock market has often predicted that recessions would come when they, in fact, didn't. Or of course his call for hyperinflation, but we got deflation in 2008. One article included Samuelson's most quoted remark and a favorite Recall the old joke.....Peter Schiff has predicted 17 of the last two recessions. Protecting banks & the super rich comes with it's perks. In 2013 (might have been '14) PS called for gold @ $5,000 oz. Can you think of another industry where being wrong 97% of the time grants you enormous power, wealth & responsibility? Economists love to call recessions. In other words, stock market downturns don't always indicate … This time there's an alternative. It has sounded some false alarms. Heard at the Wharton School. The joke dates from the mid-1960s. As the old joke has it, “Economists have predicted ten of the last five recessions.” Capitalists and communists fight each other. Man walking along a road in the countryside comes across a shepherd and a huge flock of sheep. Economists widely consider recessions to be normal parts of economic cycles, and policymakers have been on guard for a slowdown for several years. I think you may be confusing “economists” with the Composite Index of Leading Indicators, aka the LEI. One of his famous quips was that declines in the stockmarket have predicted nine of the last five recessions. Bitcoin. Economists have predicted 5 of the last 153 recessions. Tells the shepherd, "I will bet you $100 against one of your sheep that I … So the joke is that it's predicted "9 out of the last 5" because it has predicted 9 when it ought to have only predicted 5. The survey of 226 economists was conducted from July 14 to Aug. 1, before Trump announced the latest round of tariffs against China and before the last bout of market volatility. An old joke in economics goes that: “Economists have predicted nine out of the last five recessions”. What you say sounds right for the LEI. The standard joke about economists and recessions is the one made by Paul Samuelson that some economists have predicted nine out of the last five recessions.