Given how often ‘consensus earnings expectations’ are quoted in the financial press and feature in investor discussions there is surprisingly little awareness of what consensus really is. What does it really measure? Who contributes to it? What are its biases?
Productivity determines our living standards and real wages. While the universal translator isn't invented until the 22nd Century (according to Star Trek), we are living in a more technologically advanced, "freemium" world which suggests that inflation is probably overestimated by ½%.