Are formulae always correct?

In school we tend to get rewarded (a star, pat on the back, praise) when we follow procedures, execute formulae to a tee.

This may ingrain in us the idea that established procedures and formulae taught to us by an authority figure are always correct. Is this so though? Are formulae (and their results, recommendations) always correct?

From ChatGPT

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On formula:

Math formulas are correct if they are derived using valid logical reasoning and proven within a given mathematical framework. However, not all formulas you come across are necessarily correct—some might be approximations, context-dependent, or even outright wrong if derived incorrectly.

Economic formulae are a bit different from mathematical or physics formulas because economics deals with human behavior, which is less predictable than numbers or physical laws. Here’s why economic formulas are not always universally correct:

1.      They Rely on Assumptions

2.      They Are Based on Historical Data

3.      They Can Be Self-Fulfilling or Self-Defeating

4.      Different Schools of Thought Exist

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I always felt that Economic formula are at best approximations of what they are trying to capture, and in some cases the construct that goes into it just doesn’t make sense (more of this in future).

Pubic Transport Fare formula

The one that always bugs me is the public transport fare formula that the public transport council uses to justify fare increases. Not only we have to rely on the fact that the formula is appropriate (because there’s no “correct” formula in this case), but we also even must ensure that the data fed into the formula is correct.

Not all conclusions from formulae computations should be accepted with no questions, we must always be watchful for:

1. Faulty assumptions and constructions.

2. Garbage in, Garbage out.

Challenging conventional wisdom is hard, but important.

Alvin