Throw Out the Probability Models

Nassim Nicholas Taleb, a former derivatives trader, is a distinguished professor of risk engineering at Polytechnic Institute of New York University. He is the author of “The Black Swan: The Impact of the Highly Improbable.”

Updated April 2, 2012, 4:44 PM

After the events that started in 2007 and the subsequent reactions by economists, anyone who takes the current economics establishment seriously needs to spend time in a sanatorium.

via Throw Out the Old Economic Models – Room for Debate – NYTimes.com.
HatTip to Dave Lull.