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Economic Forecasting - How the Pros Predict the Future
By Bob Namvar, Ph.D.
Pepperdine University - The Graziadio Business Report

Accurate and timely information about what is likely to happen to the economy and society in the future has always been of value to business decision makers. One of the best-known stories of such forecasting is recorded in the first book of the Bible. In that case, Joseph was given the ability by God to interpret the Pharaoh's dream and forecast that there would be seven years of very good harvests and then seven years of famine. Acting on that forecast, Egypt stored grain during the good years and survived the famine - and even prospered as people from surrounding lands had to come to buy food. More than a millennium later, the Oracles of Delphi also appealed to the gods to predict the future for the Greek kings and Roman emperors. In fact, there are reports throughout history of unusual forecasting techniques - often shrouded in mysticism.

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