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Comments on: Cartoon: The two-handed economist http://www.tvhe.co.nz/2009/04/21/cartoon-the-two-handed-economist/ The Visible Hand in Economics Tue, 21 Apr 2009 21:37:13 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: agnitio http://www.tvhe.co.nz/2009/04/21/cartoon-the-two-handed-economist/#comment-19163 Tue, 21 Apr 2009 21:37:13 +0000 http://www.tvhe.co.nz/?p=3648#comment-19163 Story? huh? 😛

]]> By: Matt Nolan http://www.tvhe.co.nz/2009/04/21/cartoon-the-two-handed-economist/#comment-19162 Tue, 21 Apr 2009 21:23:26 +0000 http://www.tvhe.co.nz/?p=3648#comment-19162 @agnitio

Indeed – although you need a story behind the deviations of course …

]]> By: agnitio http://www.tvhe.co.nz/2009/04/21/cartoon-the-two-handed-economist/#comment-19161 Tue, 21 Apr 2009 20:43:24 +0000 http://www.tvhe.co.nz/?p=3648#comment-19161 Agreed. My inclination is to have a base case “expected outcome” and then also show what happens when you get deviations form that scenario in both directions.

Then again I’m not a forecaster so take anything I say with a grain of salt:)

]]> By: Matt Nolan http://www.tvhe.co.nz/2009/04/21/cartoon-the-two-handed-economist/#comment-19155 Tue, 21 Apr 2009 02:45:34 +0000 http://www.tvhe.co.nz/?p=3648#comment-19155 @Jiani

It definitely makes sense to run different scenarios in order to try and express risks – but I think the company expects there economist to actually try and balance these risks and describe an outlook for them – rather than saying “the economy will either recover or not”.

Economics can be used to explain anything – but this style of economist is being paid “for his value judgments”, so he should really make some 🙂

]]> By: Jiani http://www.tvhe.co.nz/2009/04/21/cartoon-the-two-handed-economist/#comment-19154 Tue, 21 Apr 2009 02:41:45 +0000 http://www.tvhe.co.nz/?p=3648#comment-19154 “The economy will either recover or not.”
– haha but sometimes it does make sense to run different scenarios (in this case two scenarios – recover and not recover) to see how other dependent variables respond to the changes of key economic indicators. I’d add a worst case scenario here… the situation can be a) better; b) the same/no change; and c) worse.

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