BTW, here's Mises on econometrics:
As a method of economic analysis econometrics is a childish play with figures that does not contribute anything to the elucidation of the problems of economic reality.
As a method of economic analysis econometrics is a childish play with figures that does not contribute anything to the elucidation of the problems of economic reality.
Knowledge of quantitative economics makes you sound smart in a pseudo, scientific way though! And you get to write less words for your peers than other social scientist writers. Just toss in some equations, some mathematic jargon, a little circular reasoning and economics becomes much like modern art.
ReplyDeletehas a pretty good compilation of quotes and jokes making fun of econometrics. To paraphrase:
ReplyDelete"Three econometricians go hunting. They stumble across the deer. The first shoots and misses it by a yard to the left. The second shoots and misses it by a yard to the right. The third observed what happened and shouts triumphantly, 'We've got it! We've got it!'"
Also:
"Mathematics has no symbols for confused ideas."
And:
"If you torture the data long enough, Nature will confess."
"...and economics becomes much like modern art."
ReplyDeleteAbsolutely!
Long ago, I wasted a year of my life studying this rubbish.
ReplyDeleteFortunately my young self realised that the economics degree I had signed on for was 90% nonsense and so I bailed out to do something more useful.