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Even with averaging, though, forecasts can still be wildly disappointing - as the Philadelphia Fed's Survey of Professional Forecasters shows. In mid-February, the economists collectively predicted a second-quarter unemployment rate of 8.3%. The difference between that and the actual figure, 9.3%, translates into 1.5 million more people unemployed...

Author: /time Magazine | Title: Why Are Economists So Bad at Forecasting? | 7/17/2009 | See Source »

...elaborate ruse: the kids in the photos were actors, and there were no chats arranged. The purpose of the deception was to look inside participants' heads when they were highly engaged in a potential social interaction. Partly because the study design was so complex - it's difficult to study actual social interactions on fMRI - no experiment like this had ever been conducted before. (See pictures of the college dorm's evolution...

Author: /time Magazine | Title: Why Girls Have BFFs and Boys Hang Out in Packs | 7/17/2009 | See Source »

...prepared to live in rural Tanzania for eight weeks, I knew not to have particularly high expectations about the food I would encounter there. Two weeks of orientation seemed to prove me right—we were served the same beef stew, which had more bones in it than actual meat, every single night. Sometimes we hard-working volunteers had to subsist on only makande for lunch, a stew of maize and beans. Needless to say, I was less than satisfied...

Author: By Kate Leist | Title: Taste Test | 7/17/2009 | See Source »

Trump, Donald • alleged delight of at engagement of daughter of to son of another distasteful real estate tycoon • lawsuit of against author who claimed actual worth of is a fraction of the billions endlessly and nauseatingly boasted about by is thrown out of court • reference to in new book by Kurt Andersen as "a clownish reality-show artifact" is not appreciated...

Author: /time Magazine | Title: This Preposterous Week! Paul Slansky's News Index | 7/17/2009 | See Source »

...Nevertheless, now that the parliament has backed the E.U. bid, Iceland's application is expected before the end of July. The European Commission could rush through an official positive opinion in six months, which would make Iceland a formal candidate by early 2010. The actual entry talks could take another year, or two. At the same time, Iceland would have to amend its constitution. (See a video on Iceland's financial collapse...

Author: /time Magazine | Title: Iceland's Urgent Bid to Join the E.U. | 7/17/2009 | See Source »

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