Apps and websites that use the Google Maps API will soon have to pay $4 per 1,000 visitors Google announced today. There is an allowance for small sites – the first 25,000 map-loads a day are free. Google Maps API now costs $4 per 1,000 requests • The Register.

Basically it’s because econonmists allways calibrate the data – ie. change certain parameters to try to represent reality. Carter proved that even small changes to parameters make huge differences in the predictive power of a model. Economists calibrate and recalibrate their models all the time, leading to worse and worse predictions. Why Economic Models Are Read more about Why Economic Models Are Always Wrong[…]