Wednesday, March 30, 2011

An Economics Haiku. Can You?

Haikus of econ
Ha! Some would call it crazy.
I wrote one. Can you?

If so, post in the comments below. Xan has four other "Haikunomics." Here's my favorite.

Some background on the title of my haiku. Derek Neal taught me econometrics in the first year of the UChicago PhD program. The one thing he taught me that stuck in my head was a warning about thinking while doing econometric analysis. According to him, some people get ahold of an econometric tool that is nice in some settings. Because it is so nice, they try to use it for a whole bunch of purposes, many of which are not an ideal application of the tool. The lesson: Think about what you are doing when you use regression analysis (no matter how complicated the analysis is)

The way that Neal put it is, "You give some people a hammer and the whole world looks like a nail."

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