Bill Phillips & His Curve
Debunking Economics - the podcast
00:00
How to Fit a Complex Model to Economic Data
Inflation is caused by three factors: wages, imported costs and energy costs. The more complicated a model becomes, the more it can be destroyed. With economic data you need thousands of years' worth of data to work out what's causing inflation. If you want to fit a really incredibly complicated model to economic data, you need a few thousand years of economic data which we haven't got.
Transcript
Play full episode
