Traders' Roundtable

Just an article some might find interesting from a general pov

http://www.smh.com.au/business/modellin ... 1qxeg.html

"If you remember nothing else about models, remember this: their weakness is they are built on a host of assumptions, and therefore are only as good as the assumptions on which they are built. Some assumptions are obviously unrealistic and couldn't possibly hold; some happen to be overtaken by events."

Undeniable. The following video provides some insight into where economics is headed over the next few decades:
http://www.youtube.com/watch?feature=pl ... YFjDt4-hFw

While the level innovation that's being integrated into the discipline is certainly quite exciting, it is also quite worrisome as economic variables, like financial markets, are clearly non-stationary. For now, academic economics is shackled by baseless assumptions or irrelevant mathematical models.

More on the excessive intellectual masturbation in academic economics:
http://www.youtube.com/watch?v=T-s4op3c ... plpp_video

"He who has a hammer sees everything as a nail."