A long time ago near the start of my career as an economist, my mentor at that time sat me down to tell me one word. “Specialize” he advised. I outwardly acknowledged his wisdom while secretly knowing that if specialization was necessary for success in our profession, then I was doomed. Since that conversation I’ve… Read more
In my last post, I stated that extrapolation is how we fill in gaps in the data created by the Curse of Dimensionality. It is a blending of observation and theory, a tradeoff between accuracy and simplicity. As much art as it is science, its partial reliance on subjective judgement can make it susceptible to… Read more
Napoleon once said, “An army marches on its stomach”. Or was that Frederick the Great? I get my 18th century warmongers mixed up. No matter, his meaning was that the quantity and quality of food for one’s troops is of critical importance when fighting a war. In the case of the Lone Economist, the quantity… Read more
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