TVC15 wrote:Completely agree and I was going to mention 2008 / 2009 as the best (or worst !) example of this.
I am deliberately dumbing down how much of a skill this is to make a part - of course me and you are geniuses and without our models it’s unlikely the world would still be turning on its axis !
GM and the vast majority on here would not have a clue how to interrogate an economic model of any complexity involving integrated spreadsheets, with numerous assumptions, where the potentially you can run it as - expected - better - worse by manipulating conditions, this involve natural disasters, manmade disasters just as a small example. This is not a criticism as I really don't believe they have read an economic models, which forecasts the doom and gloom of Brexit, they have read the projected outcomes, I looked at the actual words used by these experts even the ones highlighted today, prominent words were used, because they were experts,
should, could have an exact legal meaning when you go to court over arbitration for example, they are cop out weasel words experts use that ensure there predictions have no basis behind them such that if someone uses there work they can never come back and try to sue on the basis of losses. I'm sure the vast majority have read the same weasel words by every company, every prospectus for shares/unit trusts etc. In other words we think this might happen but we will never guarantee it will, why, because they are so often wrong because you can not model the future, it is not a science, some I have seen are at the best a SWAG.
I certainly would never try to look at an economic or financial model by anyone on here or by todays so called experts who drop headlines which are in reality built on guesses, I am GM and co I just look at the outcomes, but then I do try to look behind why they have predicted something in order to satisfy myself as to whether it is relevant to the headline or not. So please don't build and publish any economic models on here please, I mean anyone.