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The New Axis, Neoliberalism, and Germany [Mailbag]
"Econ 102" with Noah Smith and Erik Torenberg
Economists: Pioneers of Predictive Models
Economists have long utilized advanced statistical techniques to effectively predict various societal phenomena, such as transit ridership and international trade patterns. Pioneers like Dan McFadden introduced models, including discrete choice and mixed logit models, that laid the groundwork for contemporary machine learning applications. Their methodologies proved effective, as evidenced by accurate forecasts on the impact of minimum wage increases and tax changes, debunking the perception that economists lack predictive capability. The success of such models demonstrates economists' extensive expertise in anticipating economic outcomes.
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