Canadian Economic Forecasting (eBook)

Forecasting is an important part of the desire to influence our destiny in an uncertain future. While there are many faces to the forecasting Eve, perhaps the most important in the present age involves prediction about economic matters relating to the larger community. Mervin Daub argues that careful consideration of aggregate economic forecasting, in this case with particular reference to Canada, enables us to better understand the role which prediction plays in human affairs.
Daub discusses both the rationale for the practice of forecasting and the methods commonly used, and traces the history of aggregate economic forecasting in Canada, examining the structure, conduct, and performance of the present forecasting 'industry,' particularly the nature of demand and supply, pricing and promotion considerations, and profits and efficiency. He also examinines factors which influence the accuracy of forecasts and reviews the record of Canadian forecasting.

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Daub discusses both the rationale for the practice of forecasting and the methods commonly used, and traces the history of aggregate economic forecasting in Canada, examining the structure, conduct, and performance of the present forecasting "e;industry,"e; particularly the nature of demand and supply, pricing and promotion considerations, and profits and efficiency. He also examinines factors which influence the accuracy of forecasts and reviews the record of Canadian forecasting. In the last chapters Daub considers public policy aspects of economic forecasting. Should forecasters be held liable for inaccurate forecasts? Should they be subject to regulation? He concludes by observing that the practice of forecasting is inextricably linked to our sense of time, as is the very different exercise of time-keeping with clocks or watches. It is socially complex, highly institutionalized, and informed by the many and varied visions we carry of the world. Through it we attempt to organize and shape our individual and collective futures. Until uncertainty is eliminated from human affairs, forecasting will continue to be a necessary social practice, despite recurring bouts of cynicism as to its worth.