February 2017

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« Austrian Economics Seminar at FEE | Main | Learning While Visiting NZ »


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This is a story about using statistics to select baseball players. The key is to defy conventional wisdom and ask the right questions in relation to the prima facie objective of the exercise (winning baseball games).

This was good to re-visit the day after re-reading Pete's big Critical Review piece about the destructive impact of formalism in economics from the 1930s.

Remember the five critical questions or lines of criticism:
1. Check the problem.
2. The test of logic.
3. Check against other well-tested theories.
4. The check of evidence.
5. Check the metaphysics.

On the least, look at Buchanan and Vanberg "The market as a creative process" with reference to Popper and Prigogine on indeterminism.

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