Re: What does M'Lud mean by that?
Studied Footwear Design at University of the Arts London - London College of Fashion
Posts by Hein Behrens
8 publicly visible posts • joined 27 Jun 2008
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Friday 3rd October 2008 13:33 GMT 
The assumptions
The real problem is that econometric modelling is based on assumptions not facts. It is not physics. So you run your model and a month later all the employment or gdp figures get revised by a few percentage points, this happens often the adjustment of macroeconomic indicators.
So rocket science stays the same this is like doing rocket science without the facts.
Thus the fashion for graphing predictions with a probability of error so it all looks good and then Russia invades Georgia and there goes your model like a blown up rocket.
Biting the hand that feeds IT
