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"Economics is a profession more akin to astrology than astronomy." Do you agree?
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Poll: Do you agree?
Yes
(2)
40%
No
(3)
60%
Other
(0)
0%
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#2
Not at all, it is about making predictions based on all the available data.
If I book a holiday in Spain in July and it rains the whole time, it doesn't mean I didn't make a rational choice based on the available data. It means that ultimately some things cannot be known with certainty.
The only issue is when people talk about economic forecasts like they're guarantees.
If I book a holiday in Spain in July and it rains the whole time, it doesn't mean I didn't make a rational choice based on the available data. It means that ultimately some things cannot be known with certainty.
The only issue is when people talk about economic forecasts like they're guarantees.
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#4
Modern economics attempts to fit human free will into equations. Econometrics can only be descriptive and not prescriptive.
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(Original post by offhegoes)
Not at all, it is about making predictions based on all the available data.
If I book a holiday in Spain in July and it rains the whole time, it doesn't mean I didn't make a rational choice based on the available data. It means that ultimately some things cannot be known with certainty.
The only issue is when people talk about economic forecasts like they're guarantees.
Not at all, it is about making predictions based on all the available data.
If I book a holiday in Spain in July and it rains the whole time, it doesn't mean I didn't make a rational choice based on the available data. It means that ultimately some things cannot be known with certainty.
The only issue is when people talk about economic forecasts like they're guarantees.
I'm pretty sure weather forecasting isn't very comparable to economics.
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#6
(Original post by XcitingStuart)
That's on the premise economists aren't influenced by other factors when making these decisions / thoughts.
I'm pretty sure weather forecasting isn't very comparable to economics.
That's on the premise economists aren't influenced by other factors when making these decisions / thoughts.
I'm pretty sure weather forecasting isn't very comparable to economics.
My understanding is that any reputable economist, like any respectable scientist, will publish based on evidence and best-estimations, stating clearly why they've come to those conclusions. Confirmation bias is applicable just like in any research-basd area.
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#7
(Original post by Archdukes)
Modern economics attempts to fit human free will into equations. Econometrics can only be descriptive and not prescriptive.
Modern economics attempts to fit human free will into equations. Econometrics can only be descriptive and not prescriptive.
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