Predicting unemployment rates
Frankly, I was bit depressed reading this story. But then again, hopeful that economists that predict high jobless rates for years will yet again get it wrong all over again.
The 'dismal science' has not exactly done a stellar job ... either as a scientific predictor of our future ... or as a shaman-like oracle proclaiming what lies ahead of us. I find it curiously ironic that the story quotes the OECD Secretary General referring to history as an indicator of the future, i.e., "History says that jobs lag the recovery and the deeper and faster the jobs were lost, the more it lags". Really? What exactly does history say about economics? Look, at Ikembu we are trained in economics too. We are. We love economics. But shy away from making declarative statements of doom and gloom. More so when it relies mostly on history instead of the promise of human potential and possibilities. Let us open up a world of opportunity, instead of remaining mired in history. Tomorrow is here, today. Lets Ikembu!