The impossibility of accurate macro-economic forecasting

The macro-economic short-term forecasting record in the West over the past thirty years is very poor. Modern non-linear signal processing techniques can be used to show that such inaccuracy is a deep and inherent property of the data themselves. The forecasting record simply cannot be improved. Much economic policy still focuses on short-term intervention based on short-term forecasts. But such efforts are futile because forecasts of sufficient accuracy over time cannot be made.