“How much should economists be held accountable for their forecasts? Should we view them the same as TV weather forecasters, where the public acknowledges that the science of forecasting can be highly unpredictable and therefore all predictions should be taken with a grain of salt? Or should economists be held to a higher standard? For instance, their forecasts often dictate how a state spends, or saves, its money. At what point should they face some kind of penalty for incorrectly predicting economic changes?”
What’s next? Holding politician’s accountable? Don’t make me laff!
The joke in college was that “you could lay all the economists end to end from here to the moon and never reach a conclusion”!
Sort of like the archeologist’s theory about a dead civilization. Or, a scientist’s assumption how the world began. Who cares? But the question of economics is really important to our life, liberty, and the pursuit of happiness.
Economics is the dismal science. It tells us that there is NOT enough to go around. We have to share scarce resources. Make smart decisions. That there is no goose laying golden eggs.
So we have to have good economics. Good forecasts. Great ideas.
We have to hold them accountable. And, not just with the media driving it’s agenda.
Maybe we need “certified” forecasts. Where the economist bets a paycheck on that. Get it wrong and he has to become the WalMart greeter!
Same for politicians.
Barney Frank for his FannieMay and FreddieMac predictions, WalMart!
Argh!
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Reinke Faces Life 