Pub. date: 2007 | Online Pub. Date: September 15, 2007 | DOI: 10.4135/9781412952613 | Print ISBN: 9781412905794 | Online ISBN: 9781412952613| Publisher:SAGE Publications, Inc.About this encyclopedia
The activity of forecasting as a means of generating knowledge continues to engender enthusiasm in our modern societies. The principal objective of this field of study is to predict the future in an accurate manner to anticipate and to analyze upcoming events and predict future outcomes using the past and the present as tools to do so. The polysemic character of this term is obvious: Forecasting concerns the economy and foreign affairs and even the field of legislative elections as well as the weather. Consequently, there is a close relationship between politics and the will to explore the future. In particular, the practice of forecasting has strategic interest within economics through the establishment of economic trend indicators that contribute to the elaboration of future economic and monetary policies. What is the particularity of economic forecasting if we compare it with other mechanisms? To answer this question, one has to get ...