Word: usefullness
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Train travel in Europe is actually a paradox: It’s only cheap if you book way in advance, and only flexible if you don’t mind paying extra for the privilege and don’t have a set itinerary. High-speed lines seem like a...
In 1953, Australian scientist David Warren was investigating the crash of a De Havilland Comet in India. Warren couldn't determine the cause of the accident - in which the jet went down six minutes after takeoff, killing all 43 people onboard - because there wasn't any useful information preserved in...
A British High Court ruling earlier this month has already given around 1,000 veterans of the country's nuclear testing program the go-ahead to sue the government for radiation-linked illnesses. However, any of those cases that may eventually triumph in court will take years to hear and...
Upon that basis, economists and finance scholars cleared the way in the 1970s for a new approach to investing and risk management that included index funds, risk-weighted portfolio allocation and mathematical models to price options and other derivatives. A lot of this was, as with Fisher's economics, useful...
The issue isn't whether financial markets are useful--they are--or whether the prices of stocks or bonds or collateralized debt obligations convey information--they do. There's also much to be said for the insight at the heart of efficient-market theory: markets are hard to outsmart. But...