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mighty mike

do you distinguish maths from stats? Models of the former are interested in situations where a state moves from an extremity to equilibrium (market crash?) whereas the latter models the variation within everyday scenarios. Statisticians would argue they can do anything that math modellers can.

Maybe your are talking about the quantification of economics?

Adam Braus

First of all economics is not a science. Every science requires an object, and not just any object but an object that stays the same, that doesn't vary its fundamental principles. Economics has no object, since human choice, or exchange or whatever quasi-object someone would want to argue is in fact the object of the economic science is not definable. Economics is a philosophical persuit because of the simple fact that the thing you intend to understand changes, fundamentally, from time to time.

Because economics is not a science, mathematics, and especially statistics is not only without any ground, but is in fact detrimental to any true 'intellectual edifice' one might desire. No edifice can be built if the foundations keep moving around and changing shape.

We need more thinkers and less bean counters.

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