Econometrics, Data Mining, the Absence of a Stable Structure and the Pervasiveness of Contingency

Basil John Moore

Chapter 4 in Shaking the Invisible Hand, 2006, pp 75-103 from Palgrave Macmillan

Abstract: Abstract In seeking to understand, the human mind is predisposed to search for patterns. Pattern search and pattern comparison is the way humans make sense of the world. We cannot do otherwise. Our minds are programmed to find patterns even when there is no stable structure and no stable patterns to be found. “Random” means no stable underlying structural relationship. But it is not sufficiently appreciated that randomness does not imply the absence of patterns.

Keywords: Business Cycle; Unit Root; Stock Prex; Complex Adaptive System; Trend Stationary (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-51213-9_4

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DOI: 10.1057/9780230512139_4

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