> Hubbert used his model in the 1950s to correctly
> predict the peak of U. S. oil production in the 1970s! Economists'
> misconceptions notwithstanding, it turns out you can effectively predict
> the future with a well-specified regression model.
In the 1950s, the pitfalls of time-series regression were barely on the radar. Now, if Hubbert's predictive technology was so good, how come he or his followers didn't use it to take over the world?