Abstract
This is an essay and report on the social forecasting industry-the collection of individuals and organizations, both profit and nonprofit, supplying forecasts of social futures in direct exchage for pay. It begins with a review of the industry's size, growth, and scope; contrary to initial impressions, the industry is by any comparative standard quite small, occupying a precarious niche in the much larger market for statistical services. Hallmark methodologies of the industry, including the Delphi method and cross-impact analysis, are discussed extensively. These methodologies are linked to a domain assumption of the industry—namely, that the complexities of the social world are best rendered tractable by forming consensuses of experts' judgments. It is argued that the key characteristic differentiating the social forecasting industry from forecasting in the social sciences proper—the existence of a direct, paying market for services—is an important element in maintaining the most salient methodological and product differences between the two arenas: The marketplace for forecasts is not the same as the marketplace for ideas.
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Smith, H.L. The social forecasting industry. Climatic Change 11, 35–60 (1987). https://doi.org/10.1007/BF00138794
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DOI: https://doi.org/10.1007/BF00138794