| All thats wrong with the modern world https://www.ibm.com/think/topics/linear-regression A proven way to scientifically and reliably predict the future Business and organizational leaders can make better decisions by using linear regression techniques. Organizations collect masses of data, and linear regression helps them use that data to better manage reality, instead of relying on experience and intuition. You can take large amounts of raw data and transform it into actionable information. You can also use linear regression to provide better insights by uncovering patterns and relationships that your business colleagues might have previously seen and thought they already understood. For example, performing an analysis of sales and purchase data can help you uncover specific purchasing patterns on particular days or at certain times. Insights gathered from regression analysis can help business leaders anticipate times when their company’s products will be in high demand. |
Linear regression, for all its faults, forces you to be very selective about parameters that you believe to be meaningful, and offers trivial tools to validate the fit (i.e. even residuals, or posterior predictive simulations if you want to be fancy).
ML and beyond, on the other hand, throws you in a whirl of hyperparameters that you no longer understand and which traps even clever people in overfitting that they don't understand.
Obligatory xkcd: https://xkcd.com/1838/
So a better critique, in my view, would be something that the JW Tukey wrote in his famous 1962 paper: (paraphrasing because I'm lazy):
"better to have an approximate answer to a precise question rather than an answer to an approximate question, which can always be made arbitrarily precise".
So our problem is not the tools, it's that we fool ourselves by applying the tools to the wrong problems because they are easier.