DISCUSSING RECESSION IN TERMS OF PROBABILITIES.
DISCUSSING RECESSION IN TERMS OF PROBABILITIES. About a year ago, I argued here that it would be useful to use probabilities to discuss foreign intelligence, just as we have over the last forty years gotten used to using probabilities in discussing the weather. Recession is an unfortunate possibility, but I am pleased that people are using probabilities to talk about it.
Probablities have long been a key element embodied in the phrase “intelligence estimates.”