Wednesday, August 22, 2007

No More Lemmas

I've long suspected as much:
Non-operational models of economic phenomena are worse than wrong in a scientific sense because they draw resources away from the creation and examination of operational propositions and do not provide any information or hypotheses about observable reality.
From The Market for Lemmas, by Philip R.P. Coelho and James E. McClure. (Hat tip: Marginal Revolution).


Blogger Tully said...

Sorry I missed this when you first posted it. It deserves more attention.

Kinda reminds me of anthropogenic global warming modeling, for some strange reason. OK, maybe not so strange....

7:59 PM  

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