Late last night (or more accurately early this morning) I had the TV on as background noise as I debugged some text mining code. The late show was airing Hidalgo and I happened to tune in shortly before the sandstorm scene.
Today, as I read this post by Ray Fisman, I had the sensation of being engulfed, much as the unlikely riders were, in an enormous, violent impenetrable cloud of bad arguments, flawed reasoning, shoddy research and statistical errors.
I'll try to make some sense of this tomorrow but in the meantime, check out Joseph's comments here.
Temporary vs permanent elasticities
1 hour ago