Why Economists Will Continue to be Wrong

Carter had initially used arbitrary parameters in his perfect model to generate perfect data, but now, in order to assess his model in a realistic way, he threw those parameters out and used standard calibration techniques to match his perfect model to his perfect data. It was supposed to be a formality--he assumed, reasonably, that the process would simply produce the same parameters that had been used to produce the data in the first place. But it didn't. It turned out that there were many ...

 Digiphrenia

In the digital universe, our personal history and its sense of narrative is succeeded by our social networking profile—a snapshot of the current moment. The information itself—our social graph of friends and likes—is a product being sold to market researchers in order to better predict and guide our futures. Using past data to steer the future, however, ends up negating the present. The futile quest for omniscience we looked at earlier in this chapter encourages us, particularly busines...