Economists Need To Learn How The World Works And Start Their Own Business –Dr. Paul Wilmott Says
Posted Dec 07 2012 1:32am
Have you noticed lately the economists reports are getting to be a little different of late. This is an interesting video clip about how a Quant sees economists and how do we make sense of the world today. Every economist should start their own business the doctor says. We should all learn from people like Roy, a man in the room. He does in a very humorous way and Dr. Wilmott is the unspoken Quantitative expert if one exists. Economics is a disorder he says on the artistic spectrum. Watch the man on his right and the one on the left, the expressions. I don’t think economists see things very well and they get very confused he continues. The doctor has maybe answered some lingering questions? I call some of this Algo Duping too when you get sucked in to some of the math and formulas out there that are created for money only and may not have much or little value so economists are having the same issues with those algorithms in the analytics.
With those changing algorithms that add to the mix how can an economist or anyone in that matter really nail it down today with a big picture? Some of the smaller pictures are still within reach. Myself when I see reports and studies that go too far in the past I kind of lose interest in reading myself as there’s some good in there for discussion and knowing the history of how we got to where we are today, but to use the same methodologies today that worked years ago, not a solution today as one algorithm changes it in a heartbeat. He’s quite entertaining in this video and the man is brilliant, and he’s one of those “hybrids” that Bill Gates said will be the people with value as he has more than one focus and understanding of more than one view point. So when you think about all the predictive analytics we have out there today in the world and in healthcare, not all have value and some are there to disrupt and distract from the analytics that do. Sometimes that’s the strange design with one algorithm built to seek out another one and change it’s value. It can drive you crazy as we are working on the machine’s time frame and not the human elements.
If you want to see a more serious side of him, he’s one of the folks in the Quants documentary. There’s several other videos on the web with him and the Doctor is up there as in some areas, he has Black Box access. BD