Bridge over ocean
1 November 1996 Financial Analysts Journal Volume 52, Issue 6

What Prompts Paradigm Shifts?

  1. Peter L. Bernstein

Unexpected paradigm shifts are a congenital disease of our economic system. When major business decisions are irreversible and financial markets are forward looking, forecasting is essential. Nevertheless, the future remains hidden. Forecast errors, in both the public and private sectors, are the raw material from which paradigm shifts are fashioned.

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