Sunday, April 08, 2012
Newly pointed to by M. Perry's Carpe Diem.: The blog: The Conversable Economist. In particular a post about changes in prices of simple commodities over very long periods. Discussed is the price of nails used in building. The use of simple examples with supporting data is always useful. Econometrics is always of interest here because it attempts to quantify behavior. In recent years, though, I have become increasingly skeptical of econometric models that try to broadly predict.