The Economy: Another Professor with Power

CONCLUDING a speech on economic policy at a VIP-stacked Manhattan dinner three years ago, George Shultz startled the audience by abruptly breaking into song. To the lively tune of Silver Dollar, the then director of the Office of Management and Budget belted forth in full voice:

A fact without a theory

Is like a ship without a sail,

Is like a boat without a rudder,

Is like a kite without a tail.

A fact without a figure

Is a tragic final act,

But one thing worse

In this universe

Is a theory without a fact.

Shultz is...

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