tag:blogger.com,1999:blog-8221901955641373488.post385795986155189066..comments2024-03-20T07:12:19.838+00:00Comments on A VIEW FROM HAM COMMON: Economists get it wrong again. Then explain how it's not their fault. Yawn.Unknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8221901955641373488.post-6322612246086949982011-12-22T13:22:37.666+00:002011-12-22T13:22:37.666+00:00Well, of course I take your point. but I get irrit...Well, of course I take your point. but I get irritated by the continuous stream of information telling me what 'will' happen, watching the markets yo yo on the basis of these 'facts' - which are then hopelessly wrong.<br /><br />For what its worth, an error of 0.1% in a quarter is a little over £5billion; in a year it's £22 billion. That's a lot of schools, hospitals, nurses...Richard Morrishttps://www.blogger.com/profile/03546947405923306990noreply@blogger.comtag:blogger.com,1999:blog-8221901955641373488.post-13547376834239373282011-12-22T12:48:37.979+00:002011-12-22T12:48:37.979+00:00"They predicted 0.5%, it actually grew at 0.6..."They predicted 0.5%, it actually grew at 0.6%. So they were out by 20%"<br /><br />So, by the same reckoning, if they predicted 0.01% growth and we had growth of 0.11% they would have been out by 1000%<br /><br />Isn't the issue more that a 0.1% error isn't really a huge deal, especially in a woolly science like economics?Ednoreply@blogger.com