Forum Archive Index - January 2003

["Capitalist" <capitalist@paradise.net.nz>]

Yes, the question is : why is charting supposed to work? Even chartist seers like Magee admitted they didn't know and furthermore didn't care. Not exactly logic.

 

A quote about statistical modelling from Mises:

 

As a method of economic analysis econometrics is a childish play with figures that does not contribute anything to the elucidation of the problems of economic reality [...] They formulate equations and draw curves which are supposed to describe reality. In fact they describe only a hypothetical and unrealizable state of affairs, in no way similar to the catallactic problems in question. They substitute algebraic symbols for the determinate terms of money as used in economic calculation and believe that this procedure renders their reasoning more scientific. They strongly impress the gullible layman. In fact they only confuse and muddle things which are satisfactorily dealt with in textbooks of commercial arithmetic and accountancy.