It would be a fortune teller,not economist. The real economist can achieve only 30% in average to be able to tell the truth. If it is a turning point, it would be lower. Some economists could not even see the bubble in front of the door,when the fund managers could tell the exact date when it will burst. It is a social science, you know. Some superstitions might get involved in the near future, instead of big model and equations.
Answers & Comments
Verified answer
It helps us understand what systems are the best for producing wealth and prosperity.
When good economic behavior gets rewarded it normally gets repeated and spreads to other people...
It would be a fortune teller,not economist. The real economist can achieve only 30% in average to be able to tell the truth. If it is a turning point, it would be lower. Some economists could not even see the bubble in front of the door,when the fund managers could tell the exact date when it will burst. It is a social science, you know. Some superstitions might get involved in the near future, instead of big model and equations.
Predicting behavior of an individual person is a job of psychology, not economics.
Economics predicts behavior of large groups of people, or rather some average measure of their behavior - like job creation or price growth