Economic Forecast Illusion or why “Economist” is one of the worst professions one could choose – Long Version

In my last post I mused over Forecasts and those guys who come up with them.  In my little research I came across so many noteworthy facts and statements on that subject that I decided to collate them in a separate post.

Here we go, some 32 randomly listed observations on why Economists have a tough stand:

1) No Economist has ever convincingly explained why a normal economy has to go through booms and busts with recessions and occasional depressions, causing great harm to its people.

2) Economists’ failure to embrace the new science of complexity goes some way towards explaining why the market collapse in 1987, 1998, 2000, and 2008 were both unexpected and more severe than experts believed possible.  Modern economists spend their time looking for the subatomic particle while ignoring the critical state of the system.  They are looking for snowflakes and ignore the avalanche.

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