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Christopher Marks

Economics Has a Math Problem

Economics Has a Math Problem

This article, discussing how economics as a field has traditionally used math to justify its theories rather than using empirical data to create theories, reminds me of one of my favorite SMBCs.

"In other words, econ is now a rogue branch of applied math. Developed without access to good data, it evolved different scientific values and conventions. But this is changing fast, as information technology and the computer revolution have furnished economists with mountains of data. As a result, empirical analysis is coming to dominate econ."

Economics Has a Math Problem | Bloomberg View