Economists are like weather forecasters—they can only establish the path of a tornado after the funnels have destroyed a few trailer homes. Or, as Yogi Berra once said, “it is tough to make predictions, especially about the future.” For example, as the NY Times reported, 2017 was particularly typical of economists inaccurate predictions. They got it wrong on global growth, inflation, the trajectory of the big powers. It is a wonder why economists and weather forecasters get paid for their often incompetent work—in most other business settings they would be fired.
The New York Times outlined predictions made by economists and how they underestimated the year’s growth.