The Mudcat Café TM
Thread #165570 Message #3974123
Posted By: Iains
30-Jan-19 - 11:30 AM
Thread Name: BS: Brexit #3: A futile gesture?
Subject: RE: BS: Brexit #3: A futile gesture?
Simon Wren-Lewis (Emeritus Professor of Economics and Fellow of Merton College, University of Oxford)
On 27 September 2015 it was announced that he had been appointed to the British Labour Party's Economic Advisory Committee, convened by Shadow Chancellor John McDonnell and reporting to Labour Party Leader Jeremy Corbyn.
No guessing as to which side he is batting for then.
Project fear by a professor.
Now the true story by the Gruniard no less:
Why economic forecasting has always been a flawed science
While accepting the Nobel prize for economics, Friedrich Hayek made an astonishing admission. Not only were economists unsure about their predictions, he noted, but their tendency to present their findings with the certainty of the language of science was misleading and “may have deplorable effects”.
This revelation, made about 40 years ago, is a crucial one and yet it has been largely forgotten or ignored.