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Strategies & Market Trends : Asia Forum
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To: Stitch who wrote (7079)10/13/1998 9:31:00 AM
From: kormac  Read Replies (3) of 9980
 
Stitch,

I believe that it was exactly because of the development of the theory of chaos that econometricians stopped getting Nobel prices.
The theory of chaos, by the way is nothing new. Atmospheric flows and the water flow through your faucet, when the flow rate is fast enough, have been known to be chaotic solutions to the differential equations that govern these flows, for over hundred years now. What is new is that
much much simpler equations also have chaotic solutions. In any case I am very happy that this is now common knowledge so that the hubris of man's supposed understanding how to model mathematically economics,
and other social sciences is exposed. Man has made a grave mistake in believing that the methods that are so powerful in physical sciences can be taken over to social sciences and that they work. Indeed, the historical approach is much better, as it incorporates subtleties that long and continuous thought can only bring.

Seppo
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