The latest from Allison Schrager at Quartz
Allison Schrager reports on Bill Gates's dim view of economists’ ability to know what’s going on in the economy.
❝ As Gates points out, the economy is complex and ever changing. Economists try to make sense of it by developing mathematical models that describe how the different factors relate to each other, and test the accuracy of those models using past data. But the macroeconomy has millions of moving parts that affect each other. Knowing what to include or exclude, and if the economy has changed from when data were collected, is never straightforward—which is why economists tend to disagree on almost everything.
Economic models are always incomplete, but it’s hard to argue that we’d be better off without them. Economists’ research has contributed to fewer people living in poverty, low predic … [QZ.com]
| ALLISON SCHRAGER is an award-winning journalist at Quartz & author of An Economist Walks into a Brothel.. Watch her discuss "Taking Risks in a Changing Economy" below, and learn more about booking Allison for your next event today. |
