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And don't forget that the object of study is actually sensible to predictions about it, in multiple ways, which gives a new dimension to that can of worms. I'd
by gordaco 13y ago
And don't forget that the object of study is actually sensible to predictions about it, in multiple ways, which gives a new dimension to that can of worms.
I'd say that the main problem is that economists are using numbers, and they really want to use them, but they're using them blindly. They'd love to be treated as physicists, but, sorry, they aren't yet. Economy is a very green field with little actual prediction capabilities (at least on a macro scale), and the sooner we accept it, the better.
And the bottom line: never ever trust anyone trying to justify the application of some economic policy based on mid-term or long-term predictions, no matter how many numbers may they throw at you.