3 ms·
The macroeconomic models underlying such economist proposals [1] are complex unwieldy frameworks that can be coaxed to prove whatever you want to prove. Biases
by nologic01 3y ago
The macroeconomic models underlying such economist proposals [1] are complex unwieldy frameworks that can be coaxed to prove whatever you want to prove. Biases are injected at all steps of the process: the data collection, the construction of the model and its application. Furthermore they have a good track record of never predicting anything that actually happens.
Yet it is clear that important policy questions cannot be settled by shouting.
For the longest time the challenge for (macro)economists was to break-down their tools and make them understandable to wider audiences. Separate ideology from empirical fact.
You can't operate in a democracy by arguing that some black box said so (incidentally a lesson also for the various AI acolytes).
[1] https://en.wikipedia.org/wiki/Dynamic_scoring https://en.wikipedia.org/wiki/Dynamic_scoring