19 DEC 2014 by ideonexus
How the Finance Industry Hurts the Economy
In perhaps the starkest illustration, economists from Harvard University and the University of Chicago wrote in a recent paper that every dollar a worker earns in a research field spills over to make the economy $5 better off. Every dollar a similar worker earns in finance comes with a drain, making the economy 60 cents worse off.
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...the growth of complex financial products has served primarily to boost income for the firms themselves, Philippon said. A new paper from researchers in t... 1 
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notes24 JAN 2014 by ideonexus
Computer Simulations Allow for Mistakes
. . in real life mistakes are likely to be irrevocable. Computer simulation, however, makes it economically practical to make mistakes on purpose. If you are astute, therefore, you can leam much more than they cost. Further¬ more, if you are at all discreet, no one but you need ever know you made a mistake. 1 notes
notesWhere mistakes in the real world don't allow do-overs.
02 JAN 2014 by ideonexus
The Power of the Masses
The people, and the people alone, are the motive force in the making of world history.
"On Coalition Government" (April 24, 1945), Selected Works, Vol. III, p. 257.*
The masses are the real heroes, while we ourselves are often childish and ignorant, and without this understanding it is impossible to acquire even the most rudimentary knowledge.
"Preface and Postscript to Rural Surveys" (March and April 1941), Selected Works, Vol. III, p. 12.*
The masses have boundless creative power. T... 1 notes
notesMao on the power and heroism of the collective.
27 DEC 2013 by ideonexus
Why Economists Will Continue to be Wrong
Carter had initially used arbitrary parameters in his perfect model to generate perfect data, but now, in order to assess his model in a realistic way, he threw those parameters out and used standard calibration techniques to match his perfect model to his perfect data. It was supposed to be a formality--he assumed, reasonably, that the process would simply produce the same parameters that had been used to produce the data in the first place. But it didn't. It turned out that there were many ...
1 They make models based on past data, and when they fail to predict the future, they adjust them to match the new past data. The problem is that so many models will match the past data, there could be no end to the number of models they throw out.
24 DEC 2013 by ideonexus
The Neccessity of Selective Attention
Three decades ago, cognitive scientist Colin Martindale advanced the idea that each of us has several subselves, and he connected his idea to emerging ideas in cognitive science. Central to Martindale’s thesis were a few fairly simple ideas, such as selective attention, lateral inhibition, state-dependent memory, and cognitive dissociation. Although there are billions of neurons in our brains firing all the time, we’d never be able to put one foot in front of the other if we were unable to ig...Folksonomies: attention perception
Folksonomies: attention perception
Douglas T. Kenrick explains how our senses are bombarded, so we filter. If we could not filter, we would become incapacitated.
31 MAY 2012 by ideonexus
Taking the Magic out of Natural Selection.
'Planning' is simply the result of experience read backward and projected into the future. To me the 'purposive' action of a beehive is simply the summation and integration of its units, and Natural Selection has put higher and higher premiums on the most 'purposeful' integration. It is the same way (to me) in the evolution of the middle ear, the steps in the Cynodonts (clearly shown by me in 1910 and by you later in Oudenodon) make it easier to see how such a wonderful device as the middle e...Folksonomies: evolution natural selection
Folksonomies: evolution natural selection
1 notes
notesQuoting William King Gregory: "The simple idea that planning is only experience read backward and combined by selection in suitable or successful combinations takes the mystery out of Nature and out of men's minds."
14 JAN 2012 by ideonexus
Devil's Definition of "Brain"
BRAIN, n. An apparatus with which we think that we think. That which distinguishes the man who is content to be something from the man who wishes to do something. A man of great wealth, or one who has been pitchforked into high station, has commonly such a headful of brain that his neighbors cannot keep their hats on. In our civilization, and under our republican form of government, brain is so highly honored that it is rewarded by exemption from the cares of office. Folksonomies: humor definition
Folksonomies: humor definition
1 notes
notesSo highly honored that it is exempt from the cares of office.
