26
Feb
11

How to become an economist (q4 GDP worsens, as expected)

A back of the envelope calculation on the GDP for q4 of 2010 suggested that the ONS seemed to be a bit over opimistic with the -0.5% figure. You can see my very crude calc at the previous blog on the subject: https://objectiveassoc.wordpress.com/2011/01/30/gdp-blip-or-double-dip/

And as expected the figure has been revised, from -0.5% to -0.6%. Not as bad as my crude calc – but I like this game. Lets face it the Bank Of England seem unable to come up with anything approaching an economic or inflation forecast thats beliveable and the ONS seem to be overly optimistic – so lets all become economists. You don’t have to be right – you just have to tell folk why your previous wild assed guess was wrong because of a lack of data, emerging situations, the oil price, the weather, a tummy upset or because you were distracted by a really funny post on Facebook.

So lets all become economists – all you need to do is buy something from Tesco and then try and buy it again two weeks later for the same price. Run the price difference through any random algorithm you can come with it and publish it on Twitter or even better as an answer to a question (any question) on Quora. 

It’s a doddle – apologies to all economists, I know you mean well.

ps the price of Coffee is about to rocket. So if you see a buy 1 get too many offer on Instant  Nescafe – grab it.

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