Gulag Blog

Podcast: The Folly Of Economic Forecasts

On today’s Planet Money:

As the old joke goes, an economist and two dollars will get you a nice cup of coffee. Russ Roberts, George Mason University economist and host of EconTalk, explains why he thinks is economics is an imperfect science.

Roberts says he has come to believe it’s impossible to predict future economic conditions because good data is so hard to come by and even harder to compare. So what about all his fellow economists who seem to have an opinion on almost any topic? Roberts says they should come out and tell the truth — that their policy recommendations are based on philosophy and ideology, not on empirical data.

BONUS LISTENING: Adam explains why the administration changed its cost estimate for the TARP.

Download the podcast; or subscribe. Music: Crooked Fingers’ “Your Control.” Find us: Twitter/ Facebook/ Flickr.

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