Surprise! The WSJ reports that Economists are bad at forecasting:
Simply put, 2011 was a terrible year for economic prognostication. With seemingly no end of overseas disasters — natural and man-made — to throw off experts’ predictions, it’s hardly surprising that this year’s winning score would only have been good for 35th in last year’s rankings.
Why Did Economists Get It So Wrong in 2011?
Real Time Economics February 13, 2012
Rosier View Has Familiar Ring
BEN CASSELMAN and PHIL IZZO
WSJ, FEBRUARY 13, 2012