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Both Brexit and the financial crisis highlight why economists should admit they can’t always get it right

Zenghelis, Dimitri (2017) Both Brexit and the financial crisis highlight why economists should admit they can’t always get it right. British Politics and Policy at LSE (04 Mar 2017). Blog Entry.

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Abstract

The Bank of England’s chief economist recently said his profession was “to some degree in crisis” over its failure to predict the 2008 financial crash and – to a lesser extent – the apparent resilience of the UK economy after the Brexit vote. Dimitri Zenghelis looks at how economic forecasting works and explains that its models are not infallible. Economists should be honest about the limitations of their predictions.

Item Type: Online resource (Blog Entry)
Official URL: http://blogs.lse.ac.uk/politicsandpolicy
Additional Information: © 2017 The Author(s) CC BY-NC-ND 3.0; Online
Divisions: LSE
Subjects: J Political Science > JN Political institutions (Europe)
J Political Science > JN Political institutions (Europe) > JN101 Great Britain
J Political Science > JN Political institutions (Europe) > JN1187 Scotland
Sets: Collections > British Politics and Policy at LSE
Collections > LSE Brexit
Date Deposited: 22 Mar 2017 10:46
Last Modified: 31 Mar 2019 00:17
URI: http://eprints.lse.ac.uk/id/eprint/70067

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