Economic forecasting has become big business with over 40 institutionsproducing forecasts in the UK alone. Such forecasts are widely reportedin the media and businesses typically…
Abstract
Economic forecasting has become big business with over 40 institutions producing forecasts in the UK alone. Such forecasts are widely reported in the media and businesses typically subscribe to the output of at least one forecasting agency and use it for planning production and investment over future time periods. The value of forecasts is, however, questionable for actual out‐turns rarely coincide with predictions, particularly at those times when economic performance is deviating from trend. These, of course, are the times when forecasts are most needed. One reason for using them may be that business people believe the results or at least that there is no better alternative in a world in which they must have something as a basis for rational planning. In either case, they are probably wrong and many economists themselves are now exploring alternative approaches. Concludes that, in business, macroeconometric forecasts can easily be overvalued and should be used with care. They are certainly no substitute for fundamental scenario planning or indeed for short run risk management strategies.
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Peter Jones and Peter Gripaios
The British Urban Renewal Association’s (BURA) “Best Practice” annual awards were launched in 1991 to recognise outstanding examples of urban regeneration. Since then some 46…
Abstract
The British Urban Renewal Association’s (BURA) “Best Practice” annual awards were launched in 1991 to recognise outstanding examples of urban regeneration. Since then some 46 projects have been successful and they embrace many aspects of urban regeneration. This paper provides a case study of the “Best Practice” awards which begins with an outline of the awards criteria, principally economic contribution, environmental impact, sustainability, catalysis and community benefit. A sample of award winning schemes is used to provide some illustrative flavour of the range of projects deemed to have demonstrated best practice and this is followed by a discussion of how winning projects have sought to demonstrate fulfilling the award criteria. In many cases environmental improvements have generated obvious and immediate impacts and they are vitally important in providing a platform for economic and community benefits but it is the ability to self‐sustain these benefits which may deliver the long‐term judgement on urban regeneration.