An additional argument against BIG DATA, which people are starting to discover just now, is that there are about 35,000 different variables in economics and finance. And we have usually, less, much less than 10,000 data points per variable. This (plus fat tails) explains why econometrics has not been able to deliver.
(cont) To imagine how bad it can get, think that anyone with a good computer program can have access to at least 700 million correlations with just economic and finance variables.
Friends, I need some help correcting a distortion…
Friends, I need some help correcting a distortion.
When you “call a fraud a fraud” that is the members of that 1% that-cause-harm-without-skin-in-the-game the strategy has been to turn your message into its exact opposite, something misanthropic “if he hates me, an economist-journalist-fragilista-modernity advocate, it means he hates everybody”. Or “if he hates modernity, he is a haughty elitist” the exact opposite of the true message that holds the nobility & independence of “those who make a living stanfing up or lying down”.
The corruption of the message has been largely controlled with ANTIFRAGILE. But people are still doing it with Bed of Procrustes.So I would welcome some contribution to the comments to dispel the cognitive dissonance there. Thanks!
When someone volunteers opinion…
When someone volunteers opinion on what other people should be doing, we mock it and call it “unsollicited advice”. But when it comes in written form, we call it “public policy”.
A friend who care about these things…
A friend who care about these things was bemoaning that a certain prize went to someone else. This is what Cato would have said: I feels much robust to deserve an honor and not have it than have an honor and not deserve it.
Muscles without strength…
Muscles without strength, friendship without trust, opinion without risk, change without aesthetics, age without values, food without nourishment, power without fairness, facts without rigor, degrees without erudition, militarism without fortitude, progress without civilization, complication without depth, fluency without content; these are the sins to remember.