> But even a bad estimate gives you some handle on how easy or hard something is to do
Can’t agree with this at all. A bad estimate is by definition bad. How does it give you a handle on anything if it’s unreliable? It’s like saying bad medicine is better than no medicine.
And when you talk about breaking an estimating problem into smaller estimates, you’re now firmly in the domain of actually doing the work. An economist can’t take a software problem and decompose it into tractable solutions. Even if they could - good luck getting the customer to pay for that.
That’s why I say estimating is an economic problem. The cost of accurate estimates asymptotically approaches the cost of the implementation. Nobody is willing to pay for accurate estimates, and anyway doing this doesn’t make sense.
Unfortunately there are very few levers to pull in terms of software planning. Time based project management is way over emphasised. This is why approaches like lean (MVP, CD) and agile exist in the first place.