The problem with paternalism

SMBC desribes macroeconomic forecasting

Saturday Morning Breakfast Cereal is so so good.  And this cartoon is golden.

Reminds me clearly on the description of economics given here – and why the determination to “make predictions” is a bit dodge.  I see Barry Ritholz is also chatting on these things, I will be posting about that at some point!

And via the above post, I see that I compared economic forecasting to Tarot Card reading in 2009.  I have now moved on to comparing devices of economic communication to tarot card reading.  Obviously, I need to find more occult devices to improve my forecasting methods!

Note:  This is neither a criticism of broad economics, or of the specific area of economic forecasting (seen as a way of synthesizing and communicating information).  See how I view method in economics here.

Cartoon: How to find out if someone is an economist

The always awesome Saturday Morning Breakfast Cereal (SMBC) popped this comic up.

The thing is, when I saw the first panel the first question that popped into my mind was “nominal or real dollars” – the amount I ask that, all day long, is ridiculous.  These things are always best when they are relatively true …

A lesson in economic forecasting

Peak oil will be here any minute now…

Economists: Born or trained

Although that is an interesting title, I’m not actually going to talk about anything interesting.  Instead, Merry Christmas everyone – and here is a cartoon from Saturday Morning Breakfast Cereal (again):

(ht SMBC)