Among statisticians, economists, and business executives, “Big Data” is all the rage. Large and detailed data sets that, until recently, couldn’t even be stored on a computer are now managed and analyzed using innovative statistical techniques. Hopes are high that these advances will improve scientists’ ability to predict human behavior. Some enthusiasts even speculate that … Continue reading Why Big data Won’t Save Central Planners from the Knowledge Problem
Tjalling Koopmans: The Economics of Why I’m Always Late
I’m going to start this post with a story that was quite common at my undergraduate institution, Western Carolina University, when I went there. You’re driving to campus for a class that starts in five minutes. You should have left earlier, but as a 20-something in college, you aren’t known for planning ahead. Feeling hopeful, … Continue reading Tjalling Koopmans: The Economics of Why I’m Always Late