I saw the following pop up on twitter and had to share it: With apologies to @ResearchMark, an edited version of this popular diagram. pic.twitter.com/hwvCnx0IRf — Ted Underwood (@Ted_Underwood) August 3, 2014 So which is it, creativity or overfitting? What do these really mean?
I see Scott Sumner has come out saying that we shouldn’t necessarily judge economic outcomes on whether they meet a “common sense” test, giving the example of an individual looking at social security. Bryan Caplan has criticised this, claiming the common sense is the foundation of all reason and stating that in the example Scott […]
I believe I had a Top 10 up on Rates Blog yesterday, defending economists (because why not). I’ll post on that another day. Here I’ll leave the floor open to criticising economists – although I’m not sure if I agree with the implied assumptions in today’s discussion Tuesday 😉 Economists largely base analysis on tautologies. […]
From some lecture notes by David Autor: It’s nearly impossible to overstate the value that economists ascribe to cleverness. (Like most obsessions, this one is not altogether healthy.)
Last week the Reserve Bank released their official cash rate review. As always, it was a good review laying out the important trends that are influencing their thinking when it comes to setting the official cash rate. However, there is no fun in leaving it there. There is one part of the statement I want […]
Hi all, I am a month slow on noting this as I haven’t been reading blogs over the past couple of months – so just pointing out now that Paul Walker is back blogging over at Anti-Dismal again. I’d suggest heading off and reading this recent post. Truly, the link between factors such as agglomeration, […]