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It's been said that prices are not need to manage resources because needs and wants can be managed by government better, through statistical gathering. What's wrong with this analysis?
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I know Austrians aren't inclined to the numbers, data, and emprical research. However, there is a world full of people who are. I am about to enter into a debate with the "numbers guys", who live and breathe number/statisitcal and emprical data. Any praxeological (or logical for that matter...
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I'd be interested to know
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I would guarantee that a regression analysis was used to link autism to rainfall, or possibly correlation. Although this has nothing to do with economics, it is an example of how statistics can be used to "validate" bogus economic theory. Spurious regression. You have to love it. http://news...
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The Austrian reservation would apply, although this does not mean that your correlations are invalid or useless. What they can’t do is tell us about cause and effect. One of the first lessons in any statistics class is that correlation does not imply causation. Correlation can mean either that a) A causes...