Dr. Fuaci and Dr. Birx are using data driven models. This is what modelers call the bottom up approach. For the economy, we need a top down approach.
Dr. Fuaci seldom differs with "worst case" models. The country needs to consider a "maximum likelihood" model. I think Senator Rand Paul was getting at this idea. The states can act independently. They don't need a "one-size-fits-all" but the Democrats do.
Dr. Fuaci seldom differs with "worst case" models. The country needs to consider a "maximum likelihood" model. I think Senator Rand Paul was getting at this idea. The states can act independently. They don't need a "one-size-fits-all" but the Democrats do.
System engineers have to deal with both, as do other academic disciplines such as Operations Research.
An academic discipline which follows the top down approach, other than Economics, is System Dynamics .
The MIT professor who founded System Dynamics is Jay W. Forrester, "Counterintuitive Behavior of Social Systems", Technology Review, Vol. 73, No. 3, Jan. 1971, pp. 52-68.
Dr. Gerald O. Barney said the Chinese used this methodology to "modernize China."
Frederick von Hayek found a just price depends on local information.
In the System Age, what is local information? In the Internet Age, only physical information needs to be local!
Dr. Gerald O. Barney said the Chinese used this methodology to "modernize China."
Frederick von Hayek found a just price depends on local information.
In the System Age, what is local information? In the Internet Age, only physical information needs to be local!
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