Procrustean bed

Missing layer of uncertainty
Ricardo: Competitive advantage
1/n Irish potato famine, monoculture. Prone to model error.
Can treat m.e. as Convex/concave
"don't cross a river thats 4 ft deep on average" Jensen
Have uncertainty outside the equation, not vv
Statistical undecidability
"for the sake of argument"=the diff btw sophists? & fhilosophrs
Markowitz
Modigliani-Miller "had to go to Sthm for that"
Find job that fits their ethics vs fit ethics to job (find reasons)

Federal Reserve: collection of nerds harmful to society, d.n.u.
nonlinearity, bailouts penalise
Slide on ice on mountain roads in Lebanon

Society robust to model error, unless you know from god that alpha is 2
US vs UK/Eur economists

Planck, Berlin, heuristics, eye on baseball, running to catch it,
eye/body magic optimises run
For H need experience

Ethical problem when dealing w instuments exposed to big tails

Satisfising v optimising

EMU... I don't know – next question!
Djaarl
Karl Popper... Same room, of --- sceptical scepticism

2008 measures, history not experiment, not questioning measure but system

Econ religious... Bible -/+ advice 681 v 225

Elephants neg heuristics

Fucking xy z...

Influence where: Mandelbrot, Popper infl of predecessors.
Neuroscientist Edelmann functional redundancy or sth

negative epistemology

human need for safety... Heur (rules of thumb which have survived
time) not model based

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