All posts filed under: Economic Theory

Some Love for Models

In the data-driven world of today we find ourselves taking economic and scientific models for granted, without recognizing the hard work that goes behind their development nor questioning the assumptions and potential problems with them. However, the new COVID-19 pandemic gives us an opportunity to take a deep dive into the process of fabricating a model.

Destiny of the “Hockey Stick” Economic Growth

By Alper D. Karakas Technology is running and running quickly, but it does not seem to be giving as big of a boost as past inventions. Is the digital revolution not as revolutionary as its predecessor…? You don’t need to be in Silicon Valley to hear all the buzz about where technology can take us. The supposed glory of artificial intelligence and its potential uses are ubiquitous: whether it’s tech company adverts on television, articles in newspapers, or geeky word of mouth. In fact, the growth of this innovation is said to be the next revolution for humanity, surpassing the agricultural revolution and the industrial revolution. Today, our world is experiencing the technological revolution. The amount of new technology being introduced to consumers and workers is growing at an increasingly fast pace which should translate to global production growth. Lately, however, the world growth rate has slowed. Although there has been an increase in technological progress and globalization, data on global production does not corroborate the expected improvements. For example, as seen from the graph …