On economics : an introduction to what is sometimes called 'the dismal science'- and why actuaries should care

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<subTitle>: an introduction to what is sometimes called 'the dismal science'- and why actuaries should care</subTitle>
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<namePart>Jetha, Shiraz</namePart>
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<abstract displayLabel="Summary">The authors believe that economics plays an essential role in politics, public policy, private opinion, and the actuarial profession. Considered a science by many, economics is remarkable in that it is frequently invoked to justify almost any opinions, including those that contradict each other. Its forecasting track record, poor as it is, does not seem to raise basic questions about assumptions or methodology, and neither does the lack of explanatory power of many of its theories. Timothy Geithner, president of the Federal Reserve Bank of New York (20032009) and secretary of the Treasury (20092013), writes: One of my tasks was producing Treasury's quarterly forecasts for the Japanese economy. This was a useful education, mostly in making me skeptical of forecasting.</abstract>
<note type="statement of responsibility">Carlos Fuentes, Shiraz Jetha</note>
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<topic>Perspectivas económicas</topic>
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<topic>Ciencias Actuariales y Financieras</topic>
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<topic>Cálculo actuarial</topic>
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<title>Contingencies : American Academy of Actuaries</title>
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<publisher>Washington : American Academy of Actuaries, 2019-</publisher>
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<text>01/07/2020 July-August 2020 , p. 22-29</text>
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