AT the start of each year, we always read and hear about predictions and forecasts from pundits and analysts, such as “The 10 Marketing Predictions for 2023” or “Economic Forecasts for 2023” or “Top Technology Predictions for 2023.” READ:
AT the start of each year, we always read and hear about predictions and forecasts from pundits and analysts, such as “The 10 Marketing Predictions for 2023” or “Economic Forecasts for 2023” or “Top Technology Predictions for 2023.” In fact, there are several pubic fora where business and political leaders converge for an annual bout of crystal-ball gazing.
For example, in the field of seismology, earthquakes cannot be predicted but can be forecasted. An expert “predicting” an earthquake to occur this year may cause panic among people. Similarly, an authority who “predicts” the stock market will reach unprecedented levels may prod amateur and unknowing investors to pour in their savings into the market only to lose them later.
, where he etymologically described prediction as “associating it with fatalism, fortune-telling, and superstition…that we might interpret these signs so as to gain an advantage from them.” On the other hand, the term forecast “came from English’s Germanic roots, unlike predict, which is from Latin. Forecasting reected the new Protestant worldliness rather than the otherworldliness of the Holy Roman Empire. Making a forecast typically implied planning under conditions of uncertainty.
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