{"id":4284,"date":"2012-04-02T16:03:36","date_gmt":"2012-04-02T23:03:36","guid":{"rendered":"http:\/\/www.blackswanreport.com\/blog\/?p=4284"},"modified":"2012-04-02T16:28:41","modified_gmt":"2012-04-02T23:28:41","slug":"throw-out-the-old-economic-models-room-for-debate-nytimes-com","status":"publish","type":"post","link":"https:\/\/www.blackswanreport.com\/blog\/2012\/04\/throw-out-the-old-economic-models-room-for-debate-nytimes-com\/","title":{"rendered":"Throw Out the Old Economic Models &#8211; Room for Debate &#8211; NYTimes.com"},"content":{"rendered":"<blockquote>\n<h1>Throw Out the Probability Models<\/h1>\n<div><img decoding=\"async\" src=\"http:\/\/graphics8.nytimes.com\/images\/2012\/03\/30\/opinion\/nassim_talebRFD\/nassim_talebRFD-thumbStandard.jpg\" alt=\"Nassim Nicholas Taleb\" \/><\/div>\n<p><a href=\"http:\/\/www.poly.edu\/user\/gammafooledbyrandomnesscom\">Nassim Nicholas Taleb<\/a>, a former derivatives trader, is a distinguished professor of risk engineering at Polytechnic Institute of New York University. He is the author of <a href=\"http:\/\/www.amazon.com\/Black-Swan-Nassim-Nicholas-Taleb\/dp\/1400063515\">&#8220;The Black Swan: The Impact of the Highly Improbable.&#8221;<\/a><\/p>\n<p><strong>Updated<\/strong> April 2, 2012, 4:44 PM<\/p>\n<p>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.<\/p>\n<\/blockquote>\n<p>via <a href=\"http:\/\/www.nytimes.com\/roomfordebate\/2012\/04\/01\/how-to-teach-economics-after-the-financial-crisis\/throw-out-the-old-economic-models\" target=\"_blank\">Throw Out the Old Economic Models &#8211; Room for Debate &#8211; NYTimes.com<\/a>.<br \/>HatTip to Dave Lull.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &#8220;The Black Swan: The Impact of the Highly Improbable.&#8221; Updated April 2, 2012, 4:44 PM After the events that started in 2007 and the [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[485,303,140],"class_list":["post-4284","post","type-post","status-publish","format-standard","hentry","category-contributors","tag-economic-models","tag-ny-times","tag-probability"],"_links":{"self":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/4284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/comments?post=4284"}],"version-history":[{"count":3,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/4284\/revisions"}],"predecessor-version":[{"id":4292,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/posts\/4284\/revisions\/4292"}],"wp:attachment":[{"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/media?parent=4284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/categories?post=4284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.blackswanreport.com\/blog\/wp-json\/wp\/v2\/tags?post=4284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}