Word: mades
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There are those who still insist on rational expectations theories and EMH as the best predictors of human and market behavior. Put simply, their point is that mistakes may be made, but economics as a field can only be useful with mathematical modeling as the central pillar of analysis. Based on growing amounts of data, models may be incomplete, yet they are also perfectible. Such trust is essential, since it assumes that fully determined outcomes are possible and that more data can overcome any shortcoming...
...Rock: If rumors abound about a bank being illiquid, depositors will self-fulfill the prophecy by queuing to clear their accounts. There is a ‘tipping point’ for bubbles or bursts alike, which explains where market performance is anything but normally distributed. As Nassim Taleb made a career out of showing, we end up having “once in a century” events far more often than that. What economists call “fundamentals” are little more than a mirage, subject to constant positive (bubbles) or negative (bursts) feedback loops. Make...
...have him admitted to an asylum. That was a formative family legend, but I could never get my grandfather to elaborate on it—I don’t know if it was painful or just generational to only talk about. Just being interested in my family made [these legends] irresistible to me. Just describing the facts as I knew them took up about half a page, so I had to fill in and imagine. It just unfolded from there. But I had no interest whatsoever in writing an autobiographical novel. I’m not that interested...
Running just one marathon may seem intense to most, but one Harvard overachiever quadrupled the challenge. On Marathon Monday, Scott C. Smider ’01 made four runs of the Boston course for a total of 104.8 miles in 27 hours...
Until changes are made to the way food is produced, Willett said that providing the public with accurate information about how to eat healthily and reduce sodium intake—such as through easily interpreted labels—will help set Americans on a path toward healthier eating habits...