Don Rich

Don Rich
Location
Malvern, Pennsylvania, USA
Birthday
April 10
Title
Instructor Economics, History and Political Science
Company
Delaware County Community College
Bio
B.A. Johns Hopkins 1988 M.A. JHU/SAIS 1990 ABD University of California, Irvine Instructor of Economics, History, Political Science Delaware County Community College 2001-present Author "The Fiscal policy of George W. Bush" in Bird in a Bush Algora 2004 and other publications. Vice President Philadelphia Chapter Business Economics 2006-present Vice President Council on Emerging National Security Affairs 2005-2006.

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JUNE 17, 2009 3:02PM

How the Experts Really Make Their Forecasts: Sheep

Rate: 12 Flag

When we see the various talking heads on television pontificating on, say, the future of Iran, or the future of the economy, or whatever other unknowable future course of events  they get paid to blather about, what is not widely understood is the use of sheep to assist in this scientific and communication process.

I thought I would let this expert cat out of the bag, to mix my animal metaphors.

Now what the experts know, and most of us suspect, is that most human beings most of the time are really bipedal and vocative sheep.

The experts that we see on television, and in front of the blackboard, are actually bipedal and vocative sheep who just dress up like shepherds, or experts, but in reality, they generally know no more than anyone else about the future.

The experts, or shepherds, are just significantly bolder than your average bipedal and vocative sheep in pretendng to know what they cannot possibly know.

What the experts know, and most of us secretly suspect, is that we human beings as a species are basically bipedal and vocative sheep, who all share a need to recite the same plausible words in our mouths together as a flock.

This is so that we as individual sheep do not appear dumber than the other sheep, and especially so that any individual sheep do not appear stranger than the other sheep by having weird and therefore baaaaaaad ideas.

The great French Shepherd DeTocqueville called this scientific phenemenon the Tyranny of the Sheep.

Furthermore, bipedal and vocative sheep are much calmer pretending to themselves and especially to others that they know what they cannot possibly know.

This is because so much of reality is intrinsically unknowable that is is terrifying and truly horrific to a vocative species.

If the bipedal and vocative sheep really acknowledged the vast unknowns in the life of the flock and as individuals on a conscious and daily basis, they would quickly have to be locked up in a padded paddock.

We need forecasts of the unknowable just to be able to get up in the morning and graze; hence the role of the expert in the life of the flock.

This educational and communication process between expert shepherd and sheep makes for a happier flock, and shepherds, although because neither the flock nor the experts really exercise any real independent thought, ever, because we can't really know what we are talking about most of the time, occasionally we all go over the cliff together, baaaing in unison all the way down: "buuuut IIII thoouugggt......"

As to the role of non-metaphorical sheep for the experts on television and in front of the blackboard, which is the main point of this  essay, it is a poorly understood fact that when forecasting the unforecastable, like what will happen in Iran or North Korea any time in the next minute, or century, or what will happen with the economy, or especially with the Stock Market, ever, the real experts use sheep.

They just don't announce that fact, because it would disturb the sheep that walk upright and talk if they knew what was happening to their quieter and more supine cousins.

For example, the Persianologists gather once a year on the high Iranian plateau at the Persian New Year of No Ruz to create their annual Iran forescast.

After intense intellectual discussions, which they all secretly know are total nonsense, because there is no way for an outsider to understand the mentality of a Shia cleric, for starters, they gather for the main event: the sheep sacrifice.

Every year on the high Iranian plateua at the annual Persianologist Conference, and I have been there, and it is so beautiful in Persepolis in spring, a pure white sheep, descended from the one that gave us the Golden Fleece, is brought forward.

After numerous interrogatories of the sheep in Farsi as to the course of events in Iran for the next year, to which the sheep is very rarely responsive, the President of the Persianologists draws forth a knife.

As the conferees chant "Iran Qeshvar e Bozoorg-i Quadmi Ast," the Chief Persianologist slits the sheep's throat with the knife used to kill Xerxes the Great in his harem.

As the conferees drink the sheep's blood collected in a bowl used by Alexander the Great to kill 38 men in a drinking contest with his Macedonian Beer, the Persianologist President then removes the entrails from the sheep for examination on the platter used to hold Roman General Crassus' head for the scientific forecast of the course of events in Iran for the next year.

If a sole white horse appears on the horizon during this process, like with Darius the Great, it augers regime change.

Unfortunately, I saw no white horse this year, although it was rumored at the conference that Ahmadinejad, like Darius, stole his rivals horses before the conference.

As to other experts use of sheep in scientific forecasting, I have also personally witnessed the American Economic Association's sheep sacrifice and entrail examination at the annual Black Tuesday meeting on Wall Street every October.

The AEA conference is similar in form to the Persianologist's conference, as all scientific processes have a replicable portion, although we economists drink the sheep's blood out of Adam Smith's beer mug while rolling around in hundred dollar bills printed by the Fed for the festivities, as we look for a red sunrises over Wall Street for augurs of inflation.

The sky was streaked the bloodiest red ever recorded this year.

On behalf of the the Association by the way, I would again like to thank the Federal Reserve System for printing so much money for the festivities, even if we all know that having the Fed print money for someone or evetn doesn't really make one very special in itself.

As to the general valdity of expert use of sheep sacrifice for forecasting purposes, I should also note that I have participated in numerous econometric research projects at various colleges and universities across the country that conclusively demonstrates that sheep blood drinking and entrail examination has significantly superior scientific forecasting accurracy properties  over one thousand equation structural macroeconometric models at the ninetey nine per cent level of confidence, with P values typically of .9998 and up.

I wish I could say that the sheep do not suffer in this use by the experts, but then science always has a price for its advance.

 

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Flocks News viewers are known to me as sheeple.
Great piece.
Rated
Glad you liked it; thank you.
As they continue to pull words out of their orifices and think they are pulling the wool over our eyes, it's nice to see a comedic slant. Would your posting this make you the "black sheep" of the family? Very funny even though it is true to the bone.
I am definitely a black sheep of academia.
I like that about you....
well done Don... funny, because you just have to laugh,
but sad really isn't it
Well, you have to just laugh about the baaaaaaaaaaad stuff sometimes.
I like your analogy, though I have to point out, from working with sheep (my dad owned hundreds of the smelly fuckers) that they are actually even dumber than us. Some days, I think, not by much.
There does not seem to be much going on upstairs with sheep, but also a lot of people, past a certain point.
It's the same with medical prognostication: Sheep blood drinking and entrail examination seems to work pretty well. Still, it's nice to have a degree that says "shepherd."
Yes, absolutely. Did you see the HBO mini-series ROME? They always used this method. And they thought it worked for them. I think every person making predictions should be forced to publicly recount them, perhaps on that fake holiday Seinfeld invented--Festivus.
Festivus, for shepherds. I like that.
Rated as usual. Orwell knew what he was doing with the use of sheep as the media/commentator/public chorus role in Animal Farm.
I will consult but I don't work for kibble or biscuits.
Ah yes, sheep dog not sheep. Hmmm, have to find some kibbles and biskets.
Wonderful piece. Highly rated. I do, however, have doubts as to whether some of its admirers have a clue about what you're saying.
You sheep people are in for some shocking surprises.
I have been using a far more advanced model involving a drunken hamster, an abacus and a Ouija board.
The DOW hits 17,000 before the end of next year.
GDP growth passes 4% last Q of this year.
Obama takes Taiwan hostage and trades it to China for a 10 year supply of bicycles.
Don Rich is appointed Chairman of the Federal Reserve and turns it into a real drive-through salad bar.
Gordon O is appointed Kvetch Czar.

I'm taking bets.....any of you Sheeple wanna buy in?

You have shorn us the light, Don.
Economic/political prognostication and what it entrails, and how offal it can be.
There are quite a few "talking sheep heads" that I would like to shave down for their wool. The wool is certainly more valuable than their opinions.

RATED
That was funny. Didn't the Romans look for truth more in bird entrails?
Oh I forgot. I've been in Philly for a couple of weeks doing historical research.
Thank you PJ. That was nice.
You are right Ric Caric about the Romans and birds, although the Spartans did use quadrapeds of various sorts, but I how could one resist the sheep, as the metaphor