Wednesday, August 13, 2014

Qualitative judgement is always needed



"Too large a proportion of mathematical economics are a mere concoction, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.”  - The last paragraph of The General Theory by Keynes. 


Look beyond the numbers and build a story around the what is happening. Intuition is always needed. It is needed before you look at the numbers to frame what you may see, and it is needed after you see the numbers to describe what you were looking at.  

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