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Sir Henry Clay
(9 May 1883 - 30 Jul 1954)
English economist who became the Stanley Jevons Professor of Political Economy at the University of Manchester (1922) and was an economic adviser to the Bank of England (1930-44).
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Science Quotes by Sir Henry Clay (2 quotes)
Statistics are no substitute for judgment.
— Sir Henry Clay
In report on a speech delivered to a business group (Sep 1930), in 'Production Prices and Depression: Professor Clay on the Trade Outlook', Evening Sentinel (Staffordshire, 13 Oct 1930), 5. As cited on the quoteinvestigator.com website, which notes that later ascriptions to Kentucky politician Henry Clay Sr. are incorrect. The Evening Sentinel used the word “substitution” but this was replaced “substitute”, when it was subsequently printed in 'Quotation Marks', New York Times (9 Nov 1930), XX2. It is in this latter form that the quote is now widely propagated.
The difference between a successful and an unsuccessful business man lies often in the greater accuracy of the former’s guesses. Statistics are no substitution for judgment. Their use is to check and discipline the judgments on which in the last resort business decisions depend.
— Sir Henry Clay
In report on a speech delivered to a business group (Sep 1930), in 'Production Prices and Depression: Professor Clay on the Trade Outlook', Evening Sentinel (Staffordshire, 13 Oct 1930), 5. As cited on the quoteinvestigator.com website.
See also:
- 9 May - short biography, births, deaths and events on date of Clay's birth.
- Economics an Introduction for the General Reader, by Henry Clay. - book suggestion.
In science it often happens that scientists say, 'You know that's a really good argument; my position is mistaken,' and then they would actually change their minds and you never hear that old view from them again. They really do it. It doesn't happen as often as it should, because scientists are human and change is sometimes painful. But it happens every day. I cannot recall the last time something like that happened in politics or religion.
(1987) -- 
