03 May 2012

How useless are macroeconomists?

You tell me:
Insanity (n.): "Doing the same thing over and over again and expecting different results" -- Albert Einstein

In related news, read this useful cartoon of the President's (non) role in the economy.

3 comments:

Damian said...

Funnyt that we still listen to economic forecasts at all. We have not been able to agree on past causes of events, yet some think that they can still predict future economic performance.

Eric said...

What are the error bars on these predictions?
Can you bet against macroeconomists and make money?
What are they missing in making their forecasts?

David Zetland said...

@Eric --
1) error bars are clearly not reqd.
2) Only if you're another central bank
3) realty (i.e., they keep chasing trend +/- ideology)