Word: newe
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...choreography turns into sauve qui peut: Airlines are in absolute disarray, expense accounts bill thousand-euro Eurostar tickets, the German chancellor buses from Rome back home, and, at the ever-so-fancy Dorchester Hotel tea promenade in London, one can be offered a private jet seat back to New York for only 10 thousand euros...
...people’s behavior, clearly enough, is neither rational nor remotely predictable. Neither was the volcanic eruption. Having just attended the inaugural conference of George Soros’s Institute for New Economic Thinking, one thing is clear: The ash cloud over the continent is the perfect metaphor for the state of economics as a field. Both in economics amidst the global financial crisis as well as, it turns out, in volcano ash predictions, we are relying too much on models that have proven fallible...
Ironically, the challenge to this position is anything but new. It goes back to the German historical school of famed authors like Arnold Toynbee and Joseph A. Schumpeter. As John Maynard Keynes himself wrote in the preface to his masterpiece, “The difficulty lies, not in new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.” Fully determined models, for ash clouds or financial markets, may be resilient, but they are intrinsically incomplete, for they account for neither...
...suggests that perhaps the conceptual gulf in languages like English should not be quite so steep. The abandonment of fully-determined mathematical models that cannot deliver the certainty they promise and the consequent embrace of uncertainty may thus be, for economics as well as volcanic ash predictions, a good new principle, but perhaps an even better new beginning...
...Yann Martel’s Booker Prize winning novel, “Life of Pi.” Nearly nine years after the publication of his runaway success, Martel sits down with FM on a sunny afternoon at the First Unitarian Church in Harvard Square to discuss his new book, his résumé, President Obama, and religion...