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We can model an economy, but not at perfect precision. Building a model always involves decisions about what approximations you make, what entities you conside
by larnmar 7y ago
We can model an economy, but not at perfect precision.
Building a model always involves decisions about what approximations you make, what entities you consider, and so forth. There’s a lot of flexibility when you build your model.
As a result, the recommendations of the model tend to match the biases of the people making the model; and if they don’t, they’ll keep trying til they do. Left wing economists wind up building models that recommend left wing policies, while right-wing economists build models that recommend right-wing policies, and we are none the wiser.