@atroyn :-). First, it's an analogy; I'm not *literally* calling them Taylor expansions. Second, what other expansion would you suggest?
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@atroyn Third, first-order because point is that they don't/can't take account of all the dynamics driving technological change. - 1 more reply
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@atroyn Because the interesting part (to me) is that they're both useful and problematic for the same reason that Taylor expansions are. -
@atroyn You use Taylor expansions all the time in physical models. Super useful and also at times very misleading. - 1 more reply
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Turns out Munger already made exactly this point. (But more broadly and eloquently.)pic.twitter.com/MyGub5TO6Q
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"I don't let people do them for me because I don't like throwing up on the desk."pic.twitter.com/9SNcOjAcdC
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Poor Charlie's Almanac!
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@atroyn yes, false precision bothers me too.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@patrickc only difference being, Taylor expansions are based on only 1 value while economic models at times take > 1 metrics in calculation.Thanks. Twitter will use this to make your timeline better. UndoUndo
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