Showing posts with label math models. Show all posts
Showing posts with label math models. Show all posts
Wednesday, February 20, 2013

Quote of the Day: The Ethics of Minimum Wage

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The biggest problem I have with the standard analysis of the minimum wage–on either side of the ideological divide–is that it shows a cert...
Wednesday, December 05, 2012

Quote of the Day: When We Reify the Model, We Misunderstand the World

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We reify the model, and misunderstand the world. People need to understand that this is exactly the *same* insight that dawned upon Lu...
Saturday, April 02, 2011

Correlation Isn't Causation: Food Prices and Global Riots

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The IMF says that the string of antigovernment protests worldwide are all about rising food prices. The Wall Street Journal blog writes , ...
Wednesday, March 23, 2011

Rising Inflation Expectations: Why Macro Economists Can’t See It Coming

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This is an example why macro-models used by mainstream experts don’t get it. From the Wall Street Journal Blog (bold emphasis mine) ...
1 comment:

Quote of the Day: The Failure of Macro Economic Policies

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From Columbia University Professor Joseph Stiglitz writing on the IMF Blog , (bold emphasis his) [hat tip: Greg Ransom ] The most remar...
Tuesday, August 03, 2010

Quote Of The Day: No Scientific Understanding Of Human Society

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From James Manzi, (hat tip Prof Arnold Kling ) ``At the moment, it is certain that we do not have anything remotely approaching a scienti...
Wednesday, June 30, 2010

Economics Should Never Be Treated As Science

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Here is a stinging rebuke by Telegraph's Ambrose Pritchard's on the supposed hubris of a Federal Reserve economist, who recently con...
Saturday, June 26, 2010

The Model Curse Strikes Again!

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The curse of Models have struck again! And apparently government based models has been alleged as a vital contributor to the massive oil spi...
Tuesday, June 22, 2010

Does Macro Economics Matter?

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In an article, " What's the Point of Macro? " Societe Generale Dylan Grise remarked, ``So my advice to anyone about to embark ...
2 comments:
Saturday, May 29, 2010

Hugh Hendry: 'I would recommend you panic'

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Here is an interesting discussion on Newsnight with Hedge Fund manager Hugh Hendry, economist Jeffrey Sachs and Financial Times' Gillia...
Friday, May 28, 2010

Contracting Money Supply, Deflation Bugaboo And Dubious Statistical Models

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In a recent article UK Telegraph's Ambrose Evans Pritchard cites the risks from contracting money supply to the economy and quotes an ex...
Thursday, May 27, 2010

Beware Of Economists Bearing Predictions From Models

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Max Borders explains (emphasis added) "So what do all these macroeconomic models have in common? -They’re rendered either in impenetra...
Sunday, September 13, 2009

Velocity Of Money: A Flawed Model

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``Economics is a social science. Econometric models spit out results that lack the accuracy of chemistry experiments and the precision of ma...
Sunday, June 21, 2009

Global Stock Markets: Finally A Reprieve, Ivory Tower Syndrome And Ipse-Dixitism

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``Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and on...