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Australian Economists Predictions No Better Than Flipping a Coin
First time accepted submitter ras writes "The Reserve Bank of Australia did some investigation into the accuracy of their economic predictions — the ones they use to run the country — with less than flattering results. '70 per cent of the RBA's forecasts for underlying inflation for the year ahead were close to the mark, but its predictions of economic growth were less accurate, and its unemployment rate estimates no better than [chance] ... The Reserve Bank employs numbers of people on very high pay and what they're admitting now is that their — all of this so-called science — has produced nothing more than what a roll of the dice could produce.'"
Oblig dilbert
http://www.youtube.com/watch?v=zJwwAVM1Auc
Three econometricians went out hunting, and came across a large deer. The first econometrician fired, but missed, by a meter to the left. The second econometrician fired, but also missed, by a meter to the right. The third econometrician didn't fire, but shouted in triumph, "We got it! We got it!"
Upward mobility is a slippery slope - the higher you climb the more you show your ass.
Unfortunately, he predicted 20 out of the last 2 recessions.
this post needs all of the mods
They had a team of chimpanzees and a team of experts. The results were that the chimpanzees did better than the experts.
Since the chimpanzees can probably be considered a very good random number generator, it seems that it would also probably be better to use random predictions
So, you're just too damn chauvanistic to see the obvous? What's with you humans? Hell, yet another Monkey just conned another nation (this time Iran) to give them a free ride in a space ship. First into Space, Better at Economics, actually able to live in an environment without destroying its ecosystem... And yet you just keep ignoring the evidence? Why? Because it's different than what you were taught growing up?
I, for one, welcome our Super-Intelligent Ape overloards.
When did we go from talking about Australian to Austrian?
Just wondering?
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Which Helpless Linux zealot/MS basher do you want to mod down today?
That noise in Highgate Cemetery is Karl Marx shouting "You see? Everything I predicted about capitalism has come true. It's a pity nobody ever tried socialism, but give it time."
From scarped cliff or quarried stone she cries "A thousand types are gone, I care for nothing, no not one."
Log in or piss off.