Why Big data Won’t Save Central Planners from the Knowledge Problem

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