Tuesday, November 08, 2016

Theory versus Practice

"The great economist Ariel Rubinstein... refuses to claim that his knowledge of theoretical matters can be translated -- by him -- into anything directly practical. To him, economics is like a fable -- a fable writer is there to stimulate ideas, indirectly inspire practice perhaps, but certainly not to direct or determine practice. Theory should stay independent from practice and vice versa -- and we should not extract academic economists from their campuses and put them in positions of decision making." -- Nassim Nicholas Taleb, Antifragile, pp. 211-212.

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Killing the Spirit

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