In response to:

Don’t Trust Economists, Part II

Cynical Mike Wrote: Jan 28, 2013 10:16 AM
You can put weather forecasters and (alleged) climatologists in the same category. Weathermen these days are pretty accurate with 5-day forecasts, but I can only imagine what their chart would look like with respect to long-range outlooks. Don't even get me started with climatologists and global warming. All any of that is (including macroeconomics) is interpretation of more-and-more sophisticated computer models which, although they can "learn" are only as good as those who developed them (see "GIGO").
traitorbill Wrote: Jan 28, 2013 11:22 AM
Weather is the new climate. It's good for frightening people into making stupid decisions.
ppotts Wrote: Jan 28, 2013 11:25 AM
LOL you are right of course

Back in 2010, I shared a remarkable graph comparing the predictions of economists to what actually happened.

Not surprisingly, the two lines don’t exactly overlap, which explains the old joke that economists have correctly predicted nine of the last five recessions.

It’s not that economists are totally useless. It’s just that they don’t do a very good job when they venture into the filed of macroeconomics, as

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