Economic forecasting can frequently be inaccurate because of changing numbers and human bias or, as Yogi Berra reputedly said, “It’s tough to make predictions, especially about the future.”
A New Way To Take Our Economic Pulse
Economists become somewhat similar to weather men and women when their GDP monitor is a nowcast that forecasts the present.
The Accuracy of the Mashed Potato Index
Mashed Potatoes could be a good way to decide the direction of consumer spending. Where are we going? To consumer spending indices. The Mashed Potato Index (MPI) A pound container of mashed potatoes will cost you $4 at Stew Leonard’s, a NY…
Dude, Where’s My Tax Revenue?
Unpredictable human behavior for Colorado marijuana sales is but one example of why economic forecasting for tax revenue and GDP is inaccurate.