tag:blogger.com,1999:blog-2514352312859447561.post8433709473808506004..comments2024-01-30T03:30:45.740-05:00Comments on Bad Data, Bad!: Economic Data, and why I don't talk about itbs kinghttp://www.blogger.com/profile/02871717971078952304noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2514352312859447561.post-28219111179776720922012-08-23T13:17:31.674-04:002012-08-23T13:17:31.674-04:00A field of knowledge is considered scientific to t...A field of knowledge is considered scientific to the degree that it can predict outcomes. The infamous <a href="http://www.aei-ideas.org/2012/08/a-big-version-of-the-biggest-chart-in-american-politics/" rel="nofollow">Stimulus Graph</a> predicted unemployment as a result of passing the Stimulus versus what unemployment would be if the Stimulus were not passed. Actual unemployment was higher than both predicted Stimulus unemployment and predicted non-Stimulus unemployment. This failure to accurately predict unemployment has had at least two consequences.<br /><br />First, it has shown the public at large that while economists may consider themselves scientists, there is a reason for juxtaposing the words "voodoo" and "economics." Second, those who claim that spending money on a given government program will have a given result are discredited. Better to not spend the money.<br /><br />Gringonoreply@blogger.com