
How to Forecast the Future
Odd Lots
00:00
The Complexity of Forecasting
This chapter explores the intricacies of forecasting through a historical lens, particularly examining miscalculations surrounding the Soviet Union's reforms in the late 1980s. The discussion highlights the importance of adapting to new evidence and the duality of analytical versus instinctual approaches in prediction. It also emphasizes the challenge of balancing accuracy with the tendency for forecasters to prioritize entertainment value over sound analysis.
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