Hiring consultants to improve your models, methodology, forecasting is standard practice.
All forecasts at this level are ‘wrong’. It’s about improving them and constantly evolving then to match changing environments.
Sounds like a perfectly sensible plan to me. Keep getting things wrong and don’t know why? Get an independent expert in to review.
Perhaps they should employ people who can do predictions accurtly.
Fuck this guy.
And the economics ‘Nobel’ is not a real Nobel.
Economists at that level know nothing because they are so rich and ivory towered
That and the fact is economists are hired on political grounds – you get hired for telling people what they want to hear
Remember when China had 10% growth for 10 years or so and economists were saying that meant it would have 10% for the next century or more.
For a start off, not all inflation is caused by public service workers asking for a living wage when they have had essentially a 20%ish pay cut since 2010.
A massive part of the current inflation is caused by corporate greed and taking advantage of this situation.
The war in Ukraine has had a devastating effect on energy and food prices and the elephant in the room of brexit (who would have thought that erecting trade barriers with the world’s biggest trading bloc could go wrong).
You factor in a government comprised of cretins spending public money like it was going out of fashion and couldn’t make a long term plan about anything.
Putting up interest rates and printing money are basically the only tools the Bank of England has, putting up interest rates in these circumstances is only going to make inflation worse, for the simple reason that the buy to let market will jack up rents to cover the extra interest. Those not having mortgages to worry about will jack up rents because they don’t want to miss out.
Things also went a lot better under Mark Carney, iirc he was one of the few people that made preparations for Brexit.
6 comments
Hiring consultants to improve your models, methodology, forecasting is standard practice.
All forecasts at this level are ‘wrong’. It’s about improving them and constantly evolving then to match changing environments.
Sounds like a perfectly sensible plan to me. Keep getting things wrong and don’t know why? Get an independent expert in to review.
Perhaps they should employ people who can do predictions accurtly.
Fuck this guy.
And the economics ‘Nobel’ is not a real Nobel.
Economists at that level know nothing because they are so rich and ivory towered
That and the fact is economists are hired on political grounds – you get hired for telling people what they want to hear
Remember when China had 10% growth for 10 years or so and economists were saying that meant it would have 10% for the next century or more.
For a start off, not all inflation is caused by public service workers asking for a living wage when they have had essentially a 20%ish pay cut since 2010.
A massive part of the current inflation is caused by corporate greed and taking advantage of this situation.
The war in Ukraine has had a devastating effect on energy and food prices and the elephant in the room of brexit (who would have thought that erecting trade barriers with the world’s biggest trading bloc could go wrong).
You factor in a government comprised of cretins spending public money like it was going out of fashion and couldn’t make a long term plan about anything.
Putting up interest rates and printing money are basically the only tools the Bank of England has, putting up interest rates in these circumstances is only going to make inflation worse, for the simple reason that the buy to let market will jack up rents to cover the extra interest. Those not having mortgages to worry about will jack up rents because they don’t want to miss out.
Things also went a lot better under Mark Carney, iirc he was one of the few people that made preparations for Brexit.