Category Archives: Economics

Good economists know that they know nothing

Stochastic models are a virus, which infected economic theory and practice in past twenty years. But it’s not their fault. They played their role. They were pretty useful in many instances and, at least, they managed to generate great profits for many years to one overblown industry. They are really not to blame. In the same manner as we can’t blame the Pythagorean theorem, if we use it to guess tomorrow’s lunch menu.

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