George Katona - behavioural economist - 0 views
-
Gary Colet on 03 Nov 15Katona's work in the 1970s on 'sentiment' was pivotal in understanding consumer behaviour. For example the US Federal Reserve was hugely resistant to the idea that feelings had a part to play in economic forecasting. Katona proved that answers to questions such as 'do you believe you will be better off next year than this?' were actually better forecasters of economic performance than traditional models. Many behavioural economists now use Katona's theories.