SKIDELSKY, Robert "Models behaving badly".

"All of these models assume outcomes on the basis of existing policies. Their consistent over-optimism about these policies’ impact on economic growth validates pursuing them, and enables governments to claim that their remedies are “working,” when they clearly are not.

This is a cruel deception. Before they can do any good, the forecasters must go back to the drawing board, and ask themselves whether the theories of the economy underpinning their models are the right ones."


Popular posts from this blog

Endogeneidad y Exogeneidad en los Modelos Econométricos [MARTIN, JM.]

Impactos no lineales de la multicolinealidad sobre la eficiencia de los estimadores [MARTIN C., J.M.]

¿El manejo de Base de Datos es Econometría? [MARTIN C, J.M.]