Why Do Economic Forecasters Still Have Jobs?

Why Do Economic Forecasters Still Have Jobs?

“The rankings are based on predictions made last January about how inflation, unemployment, interest rates and economic output would fare over the course of the year.” — “Ranking Economists’ 2012 Predictions: The Best and Worst,” Phil Izzo, Wall Street Journal blog

“As the old saying goes, even a stopped clock is right twice a day.” “Show me a forecaster who comes close to the figures year after year, in recessions and booms, and I’ll agree he or she may offer value to investors and executives. Until then, you’ll do just as well guessing the numbers yourself as guessing which forecaster would do better.” — “Why Do Economic Forecasters Still Have Jobs?” Daniel Altman, Big Think

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Image (after a WPA photo) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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