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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...
Hey, it's Belgium you're talking about, how can you be sure that noone ever mixed up the experts and the chimpanzees? They look so alike!
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.
Your underpants stains are showing.
They're trying to predict weather. Climate in economics is much more predictable -- there is a strong correlation between economic freedom and wellbeing of the average citizen. Goobers like you don't realize that a "safety net" serves to take the rough edges off this economic powerhouse, instead fancying it is the only thing good that's going on.
If you were actually interested in statistically solid and demonstrated economic models instead of fantasy worlds in your mind that "work" the same way 2 + 2 = 7 works in the mind of a young child, instead of looking at the normal, i.e. failboat east-west political axis, you would at least look at the highly predictive axis of economic freedom, with good protection of property rights on one end and lack of protection, be it from anarchy or warlord or mafia or out of control socoalism on the other.
You believe in a religion, sir. This is why it seems magical and unpredictable to you. I've described the formula, the theory, which successfully makes predictions as to wellbeing and advancement.
I further predict you will ignore it. That's two
successful predictions about you and your economic religion.
(-1: Post disagrees with my already-settled worldview) is not a valid mod option.