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We've seen an uptick in traffic to the site today thanks to Matt Yglesias' reference to the ketchup economics post from a while back. If anyone is interested in exploring this topic further, try reading this discussion of the efficient markets hypothesis.

The challenge for the ketchupal economists is not an abstract one: it affects business execs, government bureaucrats, and huge sections of the financial industry on a regular basis. When attempting to quantify the something as complex as the marketplace, you leave yourself vulnerable to the unquantifiable & the unforseen. For more, see this post about the pretence of knowledge.

(Alternatively, if you're more interested in all things ketchup, I'm sad to say we've got that covered as well: see here and here.)