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Proud to Be a Nihilist: Bill Mitchell on Econometrics and Numerical Prediction

Tuesday, November 29, 2016 22:49
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(Before It's News)

by Philip Pilkington

Fixing the Economists Article of the Week

Someone said to me a while back:

“Phil, you are always railing against econometrics but some of the MMT guys and quite a few Post-Keynesians maintain that these techniques are useful and valid”.

I recognise this fully well actually. It preoccupies me perhaps more than it should. Indeed, Post-Keynesians are using econometrics with increasing frequency – and at the very same time they are becoming increasingly interested in highly abstract modelling. I’m not a big fan of this trend as readers of this blog will probably have guessed.

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