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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.'"
Economy is not science and won't ever be.
That's not what Keynesian economists tell us. Though this is what Austrian economists tell us. Funny that the majority of the world runs on Keynesian economics and is suffering badly for it.
Om, nomnomnom...
Economy is not science and won't ever be.
That's not what Keynesian economists tell us. Though this is what Austrian economists tell us. Funny that the majority of the world runs on Keynesian economics and is suffering badly for it.
The Austrian school tells us that if we close our eyes, put our fingers in our ears and sing really loudly LALALALALA I CAN'T HEAR YOU!!! the perfectly impartial always rational invisible hand of the free market will fix everything.