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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (587477)	9/25/2010 6:34:03 PM
From: J_F_Shepard	Read Replies (2) \| Respond to of 1572107

"They put data in to models, but the validity of the models is often rather questionable. The economy is to complex to reliably model. Also different economists have different models" Of course they put data in models...that's how a model is developed..but the validity is not questionable if the model correctly shows what will happen to an economy when variables are plugged in and the result predicts actual behavior. Science and engineering would be in deep do-do without models.. To run all variables experimentally takes too much time and becomes prohibitive and time is money. Therefore an equation(s), ie the model,is developed that will predict new results without the need to experiment. Because of the huge numbers of variables, economic models are difficult to produce. But valuable have produced and continue to be produced. But anyone can throw trash at it, whether they know anything or not.....there are people on SI with no credentials critiquing astrophysicist Steven Hawking. A Nobel Prize is awarded every year for work that is usually done many years earlier.. And yes, you absolutely can defer to experts....we should have more of that around here..