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Sure, you would want a model to aid decision-making, but if there is (initially) no data for how the economy will behave under a UBI and with 80% unemployment,
by dane-pgp 5y ago
Sure, you would want a model to aid decision-making, but if there is (initially) no data for how the economy will behave under a UBI and with 80% unemployment, for example, then all existing models might end up generating predictions or recommendations that don't help at all.
- danuker 5y agoThe model encodes some generalities that may still hold true, given that it was fit on a lot of scenarios, and a lot of brainpower went into it. But sure, it might completely miss some novel phenomenon. It is up to the humans running the model to be aware of its limitations and accuracy. In any case, the more heads thinking about the problem the better, and the model is an approximation of a lot of heads. And the equations can show why it thinks what it thinks.