The New York Times also chimed in on the poor forecasting record of economists Monday in a separate story, “New Normal or No Normal? How Economists Got It Wrong for 3 Years,” which notes that economic forecasts that inflation in 2021 would be “transitory,” and that calls that 2023 would be mired in recession due to the Federal Reserve’s rate increases, have all proved to be wrong.
….
And it’s not any better in any other discipline. Forecasters in general are terrible.
Economic forecasts have been wrong lately, but that’s really nothing new (cnbc.com)
Expert who predict the future are almost always wrong, regardless of subject specialty area: Covid disease models, economic models, climate, etc.
(There is almost no biographical information on the background of the above reporter other than he has been a financial reporter for 33 years.)
