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Economists don't understand basic economics shocker

Comments

  • #2
    George Orwell 1982
    Closed Accounts Posts: 595 ✭✭✭George Orwell 1982


    blue_steel wrote: »
    ESRI 'could have done better on forecasts'

    http://www.rte.ie/business/2010/0624/esri.html

    That article says the ESRI could have done better on forecasts. It doesn't say economists don't understand basic economics.


  • #3
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    At the time of these rosy predictions, however, you would have been attacked by economists and students of economics for having the temerity of suggesting that the ESRI forecasts might be unrealistic even at a time when it was fairly obvious that things were going pear shaped.

    Since then there seems to be a process of economists distancing themselves from the idea that they are supposed to be able to make predictions with some degree of accuracy.


  • #4
    funnyname
    Registered Users, Registered Users 2 Posts: 1,786 ✭✭✭funnyname


    George Orwell 1982 wrote: »
    That article says the ESRI could have done better on forecasts. It doesn't say economists don't understand basic economics.

    Professor Frances Ruane said a lack of expertise in macro-economics, particularly in banking, meant that the ESRI lacked the specialist knowledge to see the banking crisis coming.

    yeah right!


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