| A194 - Label 'Em Hazardous: Economic Forecasters Are In Deep Voodoo (1989) | |||||||||||||
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| ECONOMIC LABEL HAZARDOUS FORECASTERS ARE DEEP VOODOO Amitai Etzioni the press reported daily changes the emperor wardrobe the people would believe was wearing clothes That about what the press does with the predictions economists reports them daily news reports them along with such certifiable facts the passage bill Congress and the president travel plans presents them though they mean something though the odds are their favor instead possessing all the dependability omens the astrology column Not surprisingly newspapers and magazines have got some readers believing what economists are forecasting about next month and next year The followi kinds predictions are common that the press has largely ceased examine their quality David Jones chief economist for Aubrey Langton Company said interest rates would probably fall but not for another year The New York Times April The economy still growing but slower pace expect see that continue into the fourth quarter Evelina Tainer economist First National Bank Chicago the Wall Street Journal October Growth too rapid for stable inflation Measures inflation should rise more rapidly during the remainder the year Robert Schwartz economist Merrill Lynch Economics Industry Week June Editors say readers must know that economic predictions are like weather forecasts and should taken with grain salt But even though the record shows that the press can hardly assume economic predictions are reliable weather forecasts continually serves such prophec | |||||||||||||
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