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Hayek: “You cannot use statistics to explain the extremely complex structures of society.” “While I value statistics as information about current events, I think its scientific value is much more limited than American economists have believed.”

Voices of Liberty

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47,543 Aufrufe • vor 9 Monaten •via X (Twitter)

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19 Kommentare

Profilbild von Peter Schmidt (The 92ers)

Peter Schmidt (The 92ers)vor 9 Monaten

From the great @EmanuelDerman - formerly Goldman's chief quant and a PhD physicist... The biggest weapon of mass financial destruction is Microsoft Excel. See LTCM and AIG for examples.

Profilbild von JOHN Z⚡

JOHN Z⚡vor 9 Monaten

If policymakers trusted Hayek, they'd ditch the dashboards and let entrepreneurs experiment. Statistical evidence would be a very different term!

Profilbild von The New Number Two

The New Number Twovor 9 Monaten

I’m a Hayek fan but I value statistics more than Hayek. For example, statistics can be used to argue for the superiority of the market against statism.

Profilbild von GlobalSouthEconomics GSE

GlobalSouthEconomics GSEvor 9 Monaten

Statistics is quite useful as an alibi for bad and harmful policies

Profilbild von Ir. M Mukti, Ak., CA., BKP., CFP., CMA., AWP., PMP

Ir. M Mukti, Ak., CA., BKP., CFP., CMA., AWP., PMPvor 9 Monaten

Friedrich Hayek’s assertion that statistics cannot explain the "extremely complex structures of society" finds a powerful parallel in the modern medical understanding of complex adaptive systems.

Profilbild von Anon

Anonvor 9 Monaten

statistics are good if you want to put a scientific veneer on your bullshit

Profilbild von Pat Sweeney

Pat Sweeneyvor 9 Monaten

Sure you can, everything is complex dynamics. Like an auto engine there are multiple dynamics statistics adjusting constantly to make your engine think everything is ok. The statistics needs include any found dynamics at the same time nstead of crying "linear mommy"

Profilbild von Lord Manning of Lochabar & Glencoe Wood 🇦🇺🇵🇭✝️

Lord Manning of Lochabar & Glencoe Wood 🇦🇺🇵🇭✝️vor 9 Monaten

Statistics are like bikini's - they show you some things, but not everything -- Rex Ryan

Profilbild von Doc_aka_Rich

Doc_aka_Richvor 9 Monaten

?????? I believe in quantitative over qualitative. There is no quantitative expression of systems comprising large numbers of human beings other than statistics.

Profilbild von Warren Pyke

Warren Pykevor 9 Monaten

Statistics about any complex system are the same

Profilbild von Radu Comunistul

Radu Comunistulvor 9 Monaten

This is an elegant way of conceding defeat before Marx' Capital which BRISTLES with statistics at literally every page

Profilbild von Miguel Herce 🇺🇦🇪🇸🇺🇸

Miguel Herce 🇺🇦🇪🇸🇺🇸vor 9 Monaten

What an absurd thing to say.

Profilbild von AlexDeG

AlexDeGvor 9 Monaten

Clearly statistics are just a tool. But this is also because austrian economics aren't very scientific, let's be real. In as far as economics are science

Profilbild von renato giannetti

renato giannettivor 9 Monaten

His scientific paradigm is rooted in the contemporary economic discipline, based on a theory; The same is valid for any other economic approach in this era. In the Empirical economics the data do not represent the validation of a theory but the base itself of economic research.

Profilbild von Wheeled Edgy

Wheeled Edgyvor 9 Monaten

That's because he doesn't understand math, statistics, or logical thought

Profilbild von Ted Ditchburn 🇬🇧🇺🇦🇮🇱 Keepin' on keepin' on

Ted Ditchburn 🇬🇧🇺🇦🇮🇱 Keepin' on keepin' onvor 9 Monaten

Same here...

Profilbild von Thick Tower

Thick Towervor 9 Monaten

Nee, der ist einfach zu blöd dazu.

Profilbild von martti_s 🇫🇮

martti_s 🇫🇮vor 9 Monaten

Statistics are not at fault; the culprits are the elites who project their ideals using data as a fog screen.

Profilbild von Mervyn Hyde

Mervyn Hydevor 9 Monaten

Hayek is telling you, real time data may prove him wrong so he doesn’t accept it. You just quoted data because it suits you to believe it.

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