“Much of the real world is controlled as much by the ‘tails’ of distributions as by means or averages: by the exceptional, not the mean; by the catastrophe, not the steady drip; by the very rich, not the ‘middle class.’ We need to free ourselves from ‘average’ thinking.” Philip Anderson, Nobel Prize Recipient, Physics
Some Thoughts About Distribution in Economics
4 comments:
The conspiracy theorists were right!
Actually, I agree with him, even though (or, perhaps especially because) he is pontificating outside his field.
What is the point of being exceptional if you will not/cannot help yourself?
Anon.
J, you are on a treadmill.
Take time to smell the flowers.
In your case, like me, this probably means understanding something new every day. A good and novel insight is like a holiday.
Anon.
No time, dear Anon.
What is money, J? It is just people running around waving their hands in the air.
Anon.
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