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View Diary: Economics Daily Digest: Economists are only as good as their data (22 comments)

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  •  Economists have always started with (0+ / 0-)

    assumptions and then tried to make the data fit.

    Galbraith said it was because they couldn't track dynamic systems. I suspect it's because economists have a bias against change. Also, many do not seem to have a good sense of time.

    We organize governments to deliver services and prevent abuse.

    by hannah on Mon Apr 22, 2013 at 08:04:43 AM PDT

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    •  They Changed Us From the Economics That (2+ / 0-)
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      jan4insight, claude

      created history's only middle class to return to the historic norm of a few owners of civilization and almost everybody mattering for shit.

      That's the most profound change humanity ever knew. Because we are being returned to that which we learned we could outgrow.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Mon Apr 22, 2013 at 08:18:06 PM PDT

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    •  R&R have really damaged economics as a (1+ / 0-)
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      profession. I hope that they have the decency to retract their paper. But as of now, they're claiming their errors didn't matter to their conclusion, although they wouldn't get the results they got without the errors.

      •  I think the sense of time is connected to the (0+ / 0-)

        sense of sequence. People who don't have it don't get that the conclusion is supposed to follow or come after the facts are collected. If a hypothesis merely exists to be confirmed by whatever data firms it up, then the sequence is not significant. Everything exists in one time-frame and the parts just have to be rearranged.
        Imagine the difference between putting together a jig saw puzzle and a train track. One is a linear process and the other isn't.

        We organize governments to deliver services and prevent abuse.

        by hannah on Tue Apr 23, 2013 at 01:01:26 AM PDT

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