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Old 31 May 2014, 04:16 PM
Steve Steve is offline
Join Date: 19 October 2002
Location: Charleston, SC
Posts: 4,906
Default Economists-An astonishing record – of complete failure

In the 2001 issue of the International Journal of Forecasting, an economist from the International Monetary Fund, Prakash Loungani, published a survey of the accuracy of economic forecasts throughout the 1990s. He reached two conclusions. The first was that forecasts are all much the same. There was little to choose between those produced by the IMF and the World Bank, and those from private sector forecasters. The second conclusion was that the predictive record of economists was terrible. Loungani wrote: “The record of failure to predict recessions is virtually unblemished.”
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