Economic Behaviour &Uncategorized Entropy | 21 May 2013
In this essay David Brooks presents a case that, our problems aren’t economic, they are cultural, and therefore there’s no point in tackling them by economic means. Earth to Brooks: the economy strongly determines the culture. That is why we now talk of a culture of greed, the degree of which represents a tectonic shift [...]
Economic Behaviour Entropy | 19 Feb 2013
We must be careful not to confuse data with the abstractions we use to analyze them.- Pl read this insightful feature by David Brooks.. What Data Can’t Do Not long ago, I was at a dinner with the chief executive of a large bank. He had just had to decide whether to pull out of [...]
Economic Behaviour &Globalisation Entropy | 16 May 2012
We live in a time when almost everything can be bought and sold. Over the past three decades, markets—and market values—have come to govern our lives as never before. We did not arrive at this condition through any deliberate choice. It is almost as if it came upon us. In What Money Can’t Buy, Michael [...]
Economic Behaviour &Globalisation Entropy | 24 Apr 2012
The Playwright Arthur Miller once observed, “An era can be said to end when its basic illusions are exhausted.” Most of the illusions that defined the last decade — the notion that global growth had moved to a permanently higher plane, the hope that the Fed (or any central bank) could iron out the highs [...]
Economic Behaviour Entropy | 13 Apr 2012
It has been more profitable for us to bind together in the wrong direction than to be alone in the right one. Read this insightful thoughts by Nassim Nicholas Taleb in recent NYT Throw Out the Probability Models After the events that started in 2007 and the subsequent reactions by economists, anyone who [...]
Economic Behaviour Entropy | 01 Feb 2012
People assign much higher probability to the truth of their opinions than is warranted.. We are not blank slates. All humans seem to share similar sets of biases. There is such a thing as universal human nature. The trick is to understand the universals and how tightly or loosely they tie us down. We are [...]