"Orthodox tools based on a normal distribution therefore fail exactly where they are most needed, at the extremes."
David John Orrell is a Canadian writer and mathematician. He received his doctorate in mathematics from the University of Oxford. His work in the prediction of complex systems such as the weather, genetics and the economy has been featured in New Scientist, the Financial Times, The Economist, Adbusters, BBC Radio, Russia-1, and CBC TV. He now conducts research and writes in the areas of systems bi
"It has become increasingly evident, at least among those who arent currency traders or true believers in the optimality of free markets, that it would be nice if this system could calm down a touch. One option is the Tobin tax, which would impose a tax of around 0.1 percent on currency trades, and act as a kind of damper on speculation."
"The market can quickly seize up. Prices dont adjust in a smooth continuous fashion, but instead abruptly reconfigure themselves, like the earths crust during an earthquake."
"A society in which each person is hell bent on maximizing his or her own utility, may therefore have declining overall utility."
"It can be annoying to find out the name of a famous local landmark has no significance other than belonging to some distant relation or drinking buddy of the explorer."
"The neoclassical dogma of diminishing returns is completely wrong - success begets success and wealth begets wealth."
"There is something intrinsically upside down and counter-intuitive in the relationship between money and happiness."