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<blockquote data-quote="takethepoints" data-source="post: 133579" data-attributes="member: 265"><p>I always like to use Einstein's Razor on this: make all models as simple as possible, but not simpler.</p><p></p><p>The physicists are all in with that, but they have a strong experimental tradition and oddles of data to look at to keep their models in line. Econ and the other social sciences haven't had that, though that's sure changing. Result = tractable economic models that are very poor (in some cases, very, very, <em>very</em> poor) representations of empirical reality. </p><p></p><p>See, that's why I like Tech football sites. You don't see epistemology coming up too often among other football fans.</p></blockquote><p></p>
[QUOTE="takethepoints, post: 133579, member: 265"] I always like to use Einstein's Razor on this: make all models as simple as possible, but not simpler. The physicists are all in with that, but they have a strong experimental tradition and oddles of data to look at to keep their models in line. Econ and the other social sciences haven't had that, though that's sure changing. Result = tractable economic models that are very poor (in some cases, very, very, [I]very[/I] poor) representations of empirical reality. See, that's why I like Tech football sites. You don't see epistemology coming up too often among other football fans. [/QUOTE]
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