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Sure, that does not mean all models are equal. Economics both describe and prescribe, so those models should be evaluated on their predictive power and on whet
by quantumgarbage 1y ago
Sure, that does not mean all models are equal.
Economics both describe and prescribe, so those models should be evaluated on their predictive power and on whether they have actually done any good.
- JumpCrisscross 1y ago> that does not mean all models are equal Sure. Nobody claimed that. I’m just pointing out that being upset that a model makes assumptions is nonsense.
- quantumgarbage 1y agoWe are questioning the assumptions themselves, not the act of making them. (I don't feel like anyone is upset?)