Economic forecasts are hardwired to get things wrong
by Larry Elliott from on (#283XM)
Economists have been found guilty of groupthink, guided by political ends and using error-prone gravity modelling. No wonder they crash back down to Earth
It took the Queen to show that the emperor had no clothes. On a visit to the London School of Economics in November 2008, when a second Great Depression was looming large, she asked a simple but devastating question: why did nobody see it coming?
Almost a decade later, the Queen might be tempted to lob another grenade at the economics fraternity: why did you get it wrong again about Brexit?
Related: Brexit wasn't a 'Michael Fish moment': but economics does need to change
Related: Five things economists can do to regain trust
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