Forecasting the Economy

Synopsis

Introduces the nature of economic modelling and forecasting focusing particularly on empirical macroeconomic modelling - a term used to describe analysis at the level of the economy as a whole or the aggregate economy. Also looks at the development of macroeconomic forecasting in Britain since World War 2. There is a brief reference to the Phillips machine, then discussion of the development of macro models in the Treasury, the National Institute of Economic and Social Research and the London Business School. Raises questions about the success of the models’ forecasts and the nature of forecasting and its future. Discusses and illustrates comparisons with weather forecasting and with other scientific methods. Examines some of the problems associated with econometric modelling - modelling using statistical techniques.

Series

Economics and Changing Economies, Course D216

Language

English

Country

Great Britain

Medium

Video; Videocassette. Standard formats. col. 24 min.

Year of production

1995

Availability

Off-air recording licence
Sale; 1998 sale: £145.00 (+VAT +p&p)

Subjects

Economics

Keywords

economic forecasting; modelling - economic

Credits

Producer

Alison Tucker

Cast

Maureen Mackintosh

Production Company

Name

BBC Open University Productions

Distributor

Name

Open University Worldwide

Web

http://www.ouw.co.uk External site opens in new window

Phone

+44 (0) 1908 274066

Address

Walton Hall
Milton Keynes
MK7 6AA

Notes

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