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...economics professor Jeremy C. Stein, means that the best model fed an infinite amount of data would still fail to predict securities prices perfectly. Relying heavily on this dataset and acting according to the outputs of the models would change economic parameters so that the original assumptions are no longer valid.“Unlike in the physical sciences, where with enough data you can learn what the truth is, in markets the truth is moving around a little bit,” Stein says.In a fundamentally uncertain world, placing too much faith in predictions, no matter how sophisticated...
...understanding of what they are for. Trauma and grief overwhelm the landscape despite expressions of resilience. The feeling of abandonment among people appears complete, understood perhaps in their growing inability to identify with any sense of possibility. The most striking was this comment: “It is no longer the occupation or even the war that consumes us but the realization of our own irrelevance...
...Moreover, Harvard really did the transfer process right—something of which no student at the college will soon have any recollection. Our orientation, which was longer than freshman orientation, was led exclusively—save for two mandatory meetings—by students who had transferred in previous semesters. The required meetings were not “Sex Signals” or anything of the like but simply relayed to us academic-related information that we needed to know. The rest of the week consisted of optional social events and meals. In turn, this set-up placed very...
...Similarly, dozens of junior professors in the Faculty of Arts and Sciences and Law School have complained to me over the years that tenured professorships are “occupied” by older faculty who no longer actively publish or teach. This, they argue, is detrimental to the academy since it keeps faculties filled with unproductive scholars and makes it extremely difficult for younger ones to begin their academic careers. But no students or faculty at Harvard have called publicly for reassessing how faculty are appointed and kept on. The one person who has is Summers...
...prepared the questions used in the interrogations wanted to know one thing: when and where was the next attack coming. By the time it came around to asking K.S.M. about the archeology of 9/11 - such as who recruited the 15 Saudis, the muscle - K.S.M.'s responses could no longer be relied on. After the daily waterboardings, he said anything he thought his interrogators wanted to hear...