Historian Walter Friedman on the pioneers of forecasting, and why we haven't gotten better at it.
We’re all used to economic forecasts. We’re also used to them being wrong. But there was a time when forecasts were new and exciting, and people were genuinely surprised when they didn’t pan out. This was during the first decades of the previous century, an era that Harvard Business School historian Walter Friedman chronicles in his new book Fortune Tellers: The Story of America’s First Economic Forecasters.