13 March 2009

And a further word about Economics

"Years ago, I noticed one thing about economics and that is that economists didn't get anything right. I wanted to find out the reason. They would say their models are not perfect. But data show that you do much worse using their models than you would without them. It's a bull [expletive] science."

Options trader and scholar, Nassim Nicholas Taleb, as quoted in today's Washington Post.

spoken like a true historian.

did I ever tell you about the 6 hrs credit in economics I took in Mexico? It was a real education. I figured out the model the professor used, made my data fit it, and earned an A. The next semester my paper was used as the examplar for the new class.

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