Matnum PI wrote: ↑Tue Oct 08, 2024 10:34 pm
Farfromgeneva wrote: ↑Tue Oct 08, 2024 10:32 pm
...reigning champ is requesting the Hobart statesmen be included!
...reigning spreadsheet says highly unlikely.
Math is for suckers! We liberal arts son! Thinking men.
My man Taleb drives it home without me getting into Iatrogenics and the study of doctors allocation of learned knowledge.
https://www.reuters.com/article/world/b ... TRE68R2SK/
Excerpt: (NNM is a mic dropper with a vast array of metaphysical metaphors w multiple PhDs)
I want to remove the harm from these economic models. And the Nobel is not helping. They should be held partly responsible, if not largely responsible, for the crisis," Taleb told Reuters by telephone.
The first of the Nobel awards will be announced next Monday, with the economics prize due a week later on Oct 11.
According to Taleb, there are a number of mistaken ideas about forecasting and measuring risk, which all contribute to events like the 2008 global crisis. The Nobel prize, he says, has given them a stamp of approval, allowing them to propagate.
Taleb is a former trader who took advantage of the mispricing of derivatives to make his fortune in the years before the crisis. He published "The Black Swan" in 2007 and went on to make millions more during the upheaval.
He rattles off a list of Nobel prize winners who make his blood boil. They include: Harry Markowitz, William Sharpe, Robert Merton, Myron Scholes, Robert Engle, Franco Modigliani and Merton Miller -- a virtual "Who's Who" of the economic world.
Merton and Scholes, for instance, were recognized for their work in valuing derivatives. Modigliani and Miller are known for a theory which some have argued promotes financing by debt.
Taleb attacks their works for how they are constructed and what they lead to. "There is no world in which these ideas can work mathematically," he said.
Forecasting methods, which he discusses in detail in his book, create a false sense of security or, worse, send people in the wrong direction. Universities then compound the problem by teaching these Nobel-approved ideas as orthodoxy.
Re: 2025 Draft
