Discussion
given how frequently the IMF gets their UK forecasts wrong, should they be disregarded ?
https://www.telegraph.co.uk/business/2023/02/01/ho...
https://www.telegraph.co.uk/business/2023/02/01/ho...
XCP said:
Rivenink said:
Who should do the disregarding?
Anyone who doesn't subscribe to the Telegraph?
and Bloomberg
https://www.bloomberg.com/news/articles/2023-04-13...
86 said:
They seem to have an agenda against the U.K. post BREXIT? Nearly always wrong with their forecasts
Do they? Are they?Either their forecasts are regarded by people with power to make changes that affect the actual outcomes that make the forecasts wrong
Or nobody of import or power gives their forecast any regard anyway, and the media is just whipping frothers up into a froth for a few angerclicks.
Bo_apex said:
given how frequently the IMF gets their UK forecasts wrong, should they be disregarded ?
https://www.telegraph.co.uk/business/2023/02/01/ho...
It’s not a forecast it’s a wish list , https://www.telegraph.co.uk/business/2023/02/01/ho...
And what else would you expect with someone as anti Brexit/U.K. as Ms Lagarde involved…
Economics is mostly tosh anyway at the macro level. As communists always found, the economic lives of millions of people are complicated beyond comprehension, let alone prediction or control. By the time you've filtered any attempt to do so through layers of political machinations and vested interests it deserves a thorough disregarding as a way of predicting events and deciding policy.
It is of some use in explaining what has happened and why, and that can add to an understanding of what to avoid in future if the lessons are heeded, but we're not great at that either. What politician can ignore the lofty experts telling him that his grand plan to borrow loads of money and make himself popular is a great one, or that printing money by some other name is not debasing the currency but in fact a wise and prudent way to stimulate growth. None can. None ever have. They need sooth sayers and clergy to justify their greed and stupidity and the IMF are the Vatican of our time.
It is of some use in explaining what has happened and why, and that can add to an understanding of what to avoid in future if the lessons are heeded, but we're not great at that either. What politician can ignore the lofty experts telling him that his grand plan to borrow loads of money and make himself popular is a great one, or that printing money by some other name is not debasing the currency but in fact a wise and prudent way to stimulate growth. None can. None ever have. They need sooth sayers and clergy to justify their greed and stupidity and the IMF are the Vatican of our time.
Bo_apex said:
given how frequently the IMF gets their UK forecasts wrong, should they be disregarded ?
https://www.telegraph.co.uk/business/2023/02/01/ho...
Safer just to disregard anything in the Telegraph. https://www.telegraph.co.uk/business/2023/02/01/ho...
JuanCarlosFandango said:
Economics is mostly tosh anyway at the macro level. As communists always found, the economic lives of millions of people are complicated beyond comprehension, let alone prediction or control. By the time you've filtered any attempt to do so through layers of political machinations and vested interests it deserves a thorough disregarding as a way of predicting events and deciding policy.
It is of some use in explaining what has happened and why, and that can add to an understanding of what to avoid in future if the lessons are heeded, but we're not great at that either. What politician can ignore the lofty experts telling him that his grand plan to borrow loads of money and make himself popular is a great one, or that printing money by some other name is not debasing the currency but in fact a wise and prudent way to stimulate growth. None can. None ever have. They need sooth sayers and clergy to justify their greed and stupidity and the IMF are the Vatican of our time.
100% agree. I am shocked that so many people do not work it out for themselves though.It is of some use in explaining what has happened and why, and that can add to an understanding of what to avoid in future if the lessons are heeded, but we're not great at that either. What politician can ignore the lofty experts telling him that his grand plan to borrow loads of money and make himself popular is a great one, or that printing money by some other name is not debasing the currency but in fact a wise and prudent way to stimulate growth. None can. None ever have. They need sooth sayers and clergy to justify their greed and stupidity and the IMF are the Vatican of our time.
JuanCarlosFandango said:
Economics is mostly tosh anyway at the macro level. As communists always found, the economic lives of millions of people are complicated beyond comprehension, let alone prediction or control. By the time you've filtered any attempt to do so through layers of political machinations and vested interests it deserves a thorough disregarding as a way of predicting events and deciding policy.
It is of some use in explaining what has happened and why, and that can add to an understanding of what to avoid in future if the lessons are heeded, but we're not great at that either. What politician can ignore the lofty experts telling him that his grand plan to borrow loads of money and make himself popular is a great one, or that printing money by some other name is not debasing the currency but in fact a wise and prudent way to stimulate growth. None can. None ever have. They need sooth sayers and clergy to justify their greed and stupidity and the IMF are the Vatican of our time.
It is of some use in explaining what has happened and why, and that can add to an understanding of what to avoid in future if the lessons are heeded, but we're not great at that either. What politician can ignore the lofty experts telling him that his grand plan to borrow loads of money and make himself popular is a great one, or that printing money by some other name is not debasing the currency but in fact a wise and prudent way to stimulate growth. None can. None ever have. They need sooth sayers and clergy to justify their greed and stupidity and the IMF are the Vatican of our time.
Well put
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