I am proud to say I learned my econometric from Art Goldberger, who had little use for R-squared.
Anyway, a smart friend of mine (who works in industry and therefore might not want to be named) pointed out that he could probably fit the brushstrokes of a Jackson Pollack painting with a 17 degree polynomial and get an excellent R-squared. But he still couldn't predict what a next brush stroke might look like.
Anyway, a smart friend of mine (who works in industry and therefore might not want to be named) pointed out that he could probably fit the brushstrokes of a Jackson Pollack painting with a 17 degree polynomial and get an excellent R-squared. But he still couldn't predict what a next brush stroke might look like.
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