Saturday, October 27, 2012

A Quantitative Economist Speaks

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.


  1. 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.

  2. has a pretty good compilation of quotes and jokes making fun of econometrics. To paraphrase:

    "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!'"


    "Mathematics has no symbols for confused ideas."


    "If you torture the data long enough, Nature will confess."

  3. "...and economics becomes much like modern art."


  4. Long ago, I wasted a year of my life studying this rubbish.

    Fortunately 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.