One of the disadvantages of emperical-mathematical economics analysis is that it is resource intensive. The acquisition of data is labor and time intensive. To avoid this E-M analysts devise various sampling short-cuts to "abstract" data. Further data acquisition is necessary to mitigate biases in sampling and human error (inattention) in data acquisition and the subsequent analysis. The resultant conclusions are historical may or may not be of use if one attempting to anticipate a future data state. The work applied to this enterprise increases entropy elsewhere in the data relevant system. The effect on the total system is bureaucratic "drag" and increased disorder.
Posted on: Mon, 09 Sep 2013 18:56:44 +0000
Recently Viewed Topics
© 2015