Tuesday, January 27, 2015

Playing the angel

4/12/2010 7:41:00 AM

The trouble with economists, said one of my ex-bosses, is that, not only are their figures wrong, but so are their prefixes. So, instead of having 10 million of credit, we end up having 10 billion of debt (don't worry, I don't understand this either).

Leonard Mlodinov gives a gentle explanation to all this in his excellent book, The Drunkard's Walk. We, the economists, of course talk about the random walk since it came as a surprise.

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