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I think you’re mainly focusing on macro and it’s not completely unwarranted. That said, micro stuff is fascinating to say the least, and very pertinent to data

by lvl100 5y ago

I think you’re mainly focusing on macro and it’s not completely unwarranted. That said, micro stuff is fascinating to say the least, and very pertinent to data science. In fact, much of “data science” projects until 2012-13ish were handled by economists.

SantalBlush 5y ago
They're not just focusing on macro, they are confusing econometrics with economics. Econometrics has nothing to do with any specific economic theory; it is about statistical modelling.
- aww_dang 5y ago
  There are theories which dispute the underlying premises of econometrics. Economics is sometimes referred to as "the dismal science". Experiments cannot be constructed in the same way as the natural sciences. Dressing economics up in the pretenses of the natural sciences has arguably led us down a path of shenanigans. Consider the Federal reserve's machinations, deliberately opaque language and absurd narratives such as "transient inflation" or "symmetric inflation". >The main characteristic or nature of human beings is that they are rational animals. They use their minds to sustain their lives and well-being. The usage of the mind, however, is not set to follow some kind of automatic procedure, but rather every individual employs his mind in accordance with his own circumstances. This makes it impossible to capture human nature by means of mathematical formulae, as is done in the natural sciences. >In short, people have the freedom of choice to change their minds and pursue actions that are contrary to what was observed in the past. As a result of the unique nature of human beings, analyses in economics can only be qualitative. >Furthermore, to pursue quantitative analysis implies the possibility of the assignment of numbers, which can be subjected to all of the operations of arithmetic. To accomplish this, it is necessary to define an objective fixed unit. Such an objective unit, however, doesn’t exist in the realm of human valuations. On this Mises wrote, "There are, in the field of economics, no constant relations, and consequently no measurement is possible."

by lvl100 5y ago

SantalBlush 5y ago

They're not just focusing on macro, they are confusing econometrics with economics. Econometrics has nothing to do with any specific economic theory; it is about statistical modelling.

aww_dang 5y ago
There are theories which dispute the underlying premises of econometrics. Economics is sometimes referred to as "the dismal science". Experiments cannot be constructed in the same way as the natural sciences. Dressing economics up in the pretenses of the natural sciences has arguably led us down a path of shenanigans. Consider the Federal reserve's machinations, deliberately opaque language and absurd narratives such as "transient inflation" or "symmetric inflation". >The main characteristic or nature of human beings is that they are rational animals. They use their minds to sustain their lives and well-being. The usage of the mind, however, is not set to follow some kind of automatic procedure, but rather every individual employs his mind in accordance with his own circumstances. This makes it impossible to capture human nature by means of mathematical formulae, as is done in the natural sciences. >In short, people have the freedom of choice to change their minds and pursue actions that are contrary to what was observed in the past. As a result of the unique nature of human beings, analyses in economics can only be qualitative. >Furthermore, to pursue quantitative analysis implies the possibility of the assignment of numbers, which can be subjected to all of the operations of arithmetic. To accomplish this, it is necessary to define an objective fixed unit. Such an objective unit, however, doesn’t exist in the realm of human valuations. On this Mises wrote, "There are, in the field of economics, no constant relations, and consequently no measurement is possible."