Skip to content

A measurement problem

October 21, 2021

Astronomers cannot create test stars in the lab. They have the advantage over economists that there are 10^21 observable stars, give or take a few orders of magnitude. Those stars evolve largely without interference, and are aged by distance, so there is a natural perspective for observing their lifecycles.

Economists share the problem that they cannot create lab economies. Only games. Their problem is compounded in that they have only about a hundred national economies to observe, each with its own unique history, differing by hundreds of significant variables. Finer divisions lead to greater interactions. With so few real examples, economics suffers the hard problem of how to test its theories? Those who devise better ways to do that deserve some recognition.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: