Scientific American discloses why economic models are always wrong. Calibration – adjusting the model to fit a reference standard (in this case, reality) – becomes nearly impossible as the system being modelled becomes more complex. “But in finance they just keep on recalibrating and pretending that the models work.” Oh, and this same problem applies to – dare we say it – “climate science.”
Author: Bonfire of the Absurdities
After 35 year career writing software for IBM mainframes, am now self-employed contractor thinking of joining a union and striking for higher wages. Cured morbid fear of heights when I learned to look at them as lengths standing on end. Uncompromising in refusal to accept browser cookies. Amateur investor who has accumulated a small fortune in the market after starting out years ago with a large one. For recreation, I run, hike, kayak and play tennis but will not consider synchronized swimming under any circumstances.
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