EclectEcon

Economics and the mid-life crisis have much in common: Both dwell on foregone opportunities

C'est la vie; c'est la guerre; c'est la pomme de terre . . . . . . . . . . . . . email: jpalmer at uwo dot ca


. . . . . . . . . . .Richard Posner should be awarded the next Nobel Prize in Economics . . . . . . . . . . . .

Friday, October 21, 2005

Macro Forecasting in One Easy Lesson:
a universal technique for hurricanes and macroeconomic variables

Many years ago, a former student became the chief economist for a major firm.

When I asked him how he made his macro forecasts for the firm, he replied,
"It's easy. I subscribe to a lot of forecasting services and take an average."
It is tempting to do the same thing with forecasts for the path of hurricanes.



In fact some of the best forecasters work in both economic and weather forecasting.
 
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