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This is really the important part of the article: > Their overview stated that machine learning techniques emphasized causality less than traditional economic
by Mikeb85 11y ago
This is really the important part of the article:
> Their overview stated that machine learning techniques emphasized causality less than traditional economic statistical techniques, or what's usually known as econometrics. In other words, machine learning is more about forecasting than about understanding the effects of policy.
And it's true. Economists care more about forecasting than 'understanding the effects of policy' because the money is to be made forecasting while working for a bank or a large corporation.
Economics can't be codified the way physics can because economics models human behaviour (which is constantly changing), not physical laws than can be tested and retested.