And just how do these so-called models predict anything? What do they
predict? What is the accuracy? For how long into the future do
they predict things? How does accuracy tail off as time increases?
Friedman himself flamed out with outrageous predictions of rising
inflation in the '80s ("10 to 11 percent by the end of the year"
type predictions).
There is a confusion here between scientific, testable models, and a
gaggle of guesses dressed up as science.
Bill
On Monday, January 29, 2007 at 12:48:50 (-0800) Jim Devine writes:
>On the Methodology of The Methodology of Positive Economics
>By James Devine
>at http://maxspeak.org/devine.html
>on January 29, 2007.
