All of Unordinary Least Squares's Comments + Replies

This seems fairly intuitive. What is the novelty here?

(My view, not Convergence's)

I think it's very often the sign of a good model or framework that it seems fairly intuitive. Our intuitions often track the truth, but somewhat messily and implicitly. So it's useful to crystallise them into something more explicit and structured, with labels for the different pieces of it, to facilitate clearer thinking and discussion. It would be odd if the result of that crystallisation seemed totally counterintuitive - that might be a sign that a mistake has been made in the process.

Consider, for example, that many of the m

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