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I kind of feel like your second paragraph is helping prove my point. And in my experience the people who build these models are very aware of their limitations
by frereubu 2y ago
I kind of feel like your second paragraph is helping prove my point. And in my experience the people who build these models are very aware of their limitations (even if some of them do then go on to make overly broad conclusions for publication).
- CuriouslyC 2y agoThe problem is that economists love to ascribe meaning and make confident statements about causality in order to promote personal ideology rather than let the models speak for themselves. These models predict behavior within a narrow range of conditions, but that doesn't tell you anything about the underlying systems. You can model any function over a restricted domain using polynomials, but that doesn't mean that polynomial function is the ground truth of the universe.