The art of forecasting and the founding fathers of economic prediction

The podcast explores the story of three economic forecasters from the 1920s and their different approaches to predicting economic outcomes. Babson, Fisher, and Persons all had a deep understanding of uncertainty due to their personal experiences with tuberculosis. They had quirky responses in maintaining their health, such as eating great nuts or exposing themselves to cold weather. Despite their best efforts and theories, they all failed in accurately predicting the future, with the Great Depression making them appear foolish. The episode highlights the importance of understanding uncertainty and the limitations of economic forecasting.