Ugh. I know that there were four or five things (at least) this week that came up that I wanted to address in the blog throughout the week... or at least here in the weekly wrap-up. But, alas, I have forgotten much of this - well, at least right now as I type late tonight. I need to improve on this!
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Earlier this week, economist Paul Krugman referenced Okun's Law in his blog on the New York Times website.
I studied mathematics in college. I have a Master's Degree. I was originally drawn to math because I liked numbers and was good at it. As my studies advanced, I found that the purity of math was most appealing. Mathematical theories are developed using logic and a set of basic building blocks. I used to joke with friends that the sciences, including physics, are inferior to math because empirical evidence is often enough to develop a theory.
When I read about Okun's Law, I silently yelled at the computer screen. I already find Krugman a bit annoying (yes, I know he's "Nobel Laureate"), but this really got me irritated. Okun's Law suggests a relationship between unemployment and GDP. This makes sense. However, in the sciences, where the concept of laws are discussed, the laws are supported time and again by empirical evidence. This "law" is defied all of the time in that the coefficient which describes the relationship between unemployment and GDP is never the same.
For Dr. Krugman, a respected economist and political commentator, who has the ear of the public, to reference this as a law is nothing more than deceptive in my opinion. Economists need to be more judicious in discussing their opinions instead of masquerading as scientists who are stating the laws of nature.
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I'd really like to write more... but, I am tired. Burris will be seated. Reid was wrong. Blago is having (not so much) fun in Illinois. Congress is in session. The market lost ground from its Christmas rally. Obama-time is coming. Mitch Daniels will deliver the State of the State address on Tuesday.
Sorry - no links!
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