12 DEC 2017 by ideonexus

 Level Two Chaos

Level two chaos is chaos that reacts to predictions about it, and therefore can never be predicted accurately. Markets, for example, are a level two chaotic system. What will happen if we develop a computer program that forecasts with 100 per cent accuracy the price of oil tomorrow? The price of oil will immediately react to the forecast, which would consequently fail to materialise. If the current price of oil is $90 a barrel, and the infallible computer program predicts that tomorrow it wil...
Folksonomies: chaos probability
Folksonomies: chaos probability
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24 JAN 2015 by ideonexus

 Economic Forecasting VS Science Fiction Predictions

There are two ways to predict the progress of technology. One way is economic forecasting, the other way is science fiction. Economic forecasting makes predictions by extrapolating curves of growth from the past into the future. Science fiction makes a wild guess and leaves the judgment of its plausibility to the reader. Economic forecasting is useful for predicting the future up to about ten years ahead. Beyond ten years it rapidly becomes meaningless. Beyond ten years the quantitative chang...
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21 JUL 2014 by ideonexus

 Climate Forecasts vs Projections

"Projections are essential for giving us information on long-term trends, but the timescale is beyond what many policy makers (and the public) consider to be relevant to their decision-making processes. Climate forecasts seek to address this issue by providing information on a shorter term (decadal) that can be used directly to inform policy," he said. "As climate forecasts improve, they will become more and more important in providing reliable information on what is likely to happen to the c...
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Forecasts are short-term predictions intended to inform policymakers because projections, which predict the long-term trend, are beyond political scope.

20 DEC 2013 by ideonexus

 The Revolt Against Science

One response to the loss of control, for example, is a revulsion against intelligence. Science first gave man a sense of mastery over his environment, and hence over the future. By making the future seem malleable, instead of immutable, it shattered the opiate religions that preached passivity and mysticism. Today, mounting evidence that society is out of control breeds disillusionment with science. In consequence, we witness a garish revival of mysticism. Suddenly astrology is the rage. Zen,...
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Nostalgia and pseudo-science are a revolt against what they perceive as the strict rules of science and central planning, but the lack of rules and planning results in putting people at the whims of chaos, which is even more limiting.