The values of econometrics
Given that half the economists are employed by the public sector and in spite of its appeal and rigor within the current academic profession, how many of you believe that econometrics would be valued in a truly free market?
Would any of you venture to say that, the only way to truly tell econometrics prediction value is to see if it competes in a free market?
Yes
And I think some firms might want econometricists. However, it won’t be big without government
Is it a way at all? Horoscopes sell very well, books on false religions [every one but the one you believe in] with prophesies sell very well, dozens of
patently ridiculous ideas are accepted as truth and sell very well, quacks abound and always have.
Is it the only way? How about if their predictions are stated clearly and simply , and then checking if they come true? Sorta like this:
“No doubt Professors Ferguson’s restatement of capital theory will be used to train new generations of students to erect elegant-seeming arguments in term which they cannot define and will confirm econometricians in the search for answers to unaskable questions.”