We depend on forecasting in just about every facet of our life. The stock market reacts to the projected economy, students often choose their careers on the basis of expected remuneration, investments are made on the basis of future market trends. Because a forecast involves the livelihoods of many individuals and potential monetary damages, a forecast is of great concern.
The power that forecasts hold in the area of public policy frequently makes them tools for interest groups. The current debate on forecasts related to global warming provides an example of the issues involved. If the cause of global warming could be pinned to human activity, public policies would crack down on these agents. Since these agents, are in the form of large corporations and are all concentrated in the industrialized West, such a forecast would be significant for the Western economies.
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