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 Why we didn't see the GFC: OECD admits failures

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RR Phantom

RR Phantom

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Why we didn't see the GFC: OECD admits failures Vide
PostSubject: Why we didn't see the GFC: OECD admits failures   Why we didn't see the GFC: OECD admits failures Icon_minitimeWed Feb 19, 2014 11:28 pm
Among their most prominent thinkers, there is no consensus as to how - or whether - governments in advanced countries can improve lackluster recoveries. All in all, the situation recalls a cruel joke:

How many economists does it take to change a light bulb? None. When the one they used in graduate school goes out, they sit in the dark.

Why we didn't see the GFC: OECD admits failures Bs-narrow-stocks-20140219160029293767-300x0

Recently, economists at the Organisation for Economic Cooperation and Development (OECD) published a retrospective study of its economic forecasts. This qualifies as an act of bureaucratic courage, because the record was predictably dismal. Not only did the OECD miss the 2008/09 financial crisis, but it routinely over-predicted the recovery's strength. In May 2010, for example, the OECD forecast that the US economy would grow 3.2 per cent in 2011. Actual growth was 1.7 per cent. This is a huge error, and there were larger misses for some European economie as well.

Read more: http://www.smh.com.au/business/markets/why-we-didnt-see-the-gfc-oecd-admits-failures-20140219-330go.html#ixzz2tpj06YyR
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