The function of economic forecasting is to make astrology look respectable.
Core idea
Galbraith is mocking economic forecasts as highly unreliable, suggesting they are so often wrong that they exist mainly to make even less scientific practices like astrology seem credible.
Practical application
Use forecasts as rough weather reports, not precise maps; focus on resilient strategies, diversification, and long-term discipline instead of betting heavily on any single confident economic prediction.
Why it matters
It highlights the deep uncertainty of economic predictions, warning investors to treat expert forecasts skeptically and prioritize robustness, diversification, and adaptable strategies over confident-sounding projections.
