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...their opinions as "consensus" forecasts. A 2003 study by researchers at the Federal Reserve Bank of Atlanta found that the Blue Chip Consensus Forecast, which polls some 50 economists each month, is consistently better than any of its individual members. The researchers dubbed that result a "reverse Lake Wobegon effect": everyone was below average. During economic turning points - like the one we're currently in - the individual forecasts veered further off the mark...

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

Another country bristling with freelance hackers happens to be South Korea. Hackers in Seoul have been known to attack U.S. and international networks. Several U.S. servers were hit after the disqualification of a South Korean skater at the Salt Lake City Winter Olympics allowed Apollo Ono to win the 1,500-m speedskating event. (See pictures of South Korean video gamers...

Author: /time Magazine | Title: Is North Korea Behind the Cyberattacks? | 7/10/2009 | See Source »

...Putin, who may no longer officially run the Kremlin but is assumed to orchestrate the every move of his successor, Dmitry Medvedev. Indeed, Poborchiy seems self-consciously Putinesque, sporting a tracksuit with the Russian tricolor and leading a men's team 
 of ice swimmers who converge on a lake for morning races every winter, when Murmansk descends into darkness for nearly two months. (See pictures of Russia celebrating Victory...

Author: /time Magazine | Title: Remembering the Kursk in Murmansk | 7/9/2009 | See Source »

...Camp Yosemite Sierra, a Christian adventure camp in Bass Lake, Calif., executive director Sara Kuljis says she has been looking for different ways to help parents afford camp. Many children are coming for free in exchange for their parents working at the camp. Compared to years past, when a few parents worked as nurses for a session, this year parents are bartering everything from their skills as guest speakers to designing sets for camp plays. "It's been a way of working together just to get kids back to camp as much as we can," Kuljis says...

Author: /time Magazine | Title: The Recession Hits Summer Camp | 7/2/2009 | See Source »

...world-famous brand can be a blessing and a curse. Ask Claude Nobs, founder and moving spirit behind the Montreux Jazz Festival, www.montreuxjazz.com, which will run for its 43rd season July 3-18 on Switzerland's Lake Geneva. Nobs, an energetic 73-year-old, was recently in London to help celebrate the 50th anniversary of his friend Chris Blackwell's Island Records, which brought everyone from Bob Marley to U2 to world prominence. Passing out leaflets for Montreux at a commemorative concert in London, Nobs says more than one hipster handed them back with the words, "Jazz? No thanks...

Author: /time Magazine | Title: Montreux: Beyond the Blues | 7/1/2009 | See Source »

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