“[In] economics… you can disguise charlatanism under the weight of equations and nobody can catch you since there is no such thing as a controlled experiment. Now the spirit of such methods, called scientism by its detractors, continued into the discipline of finance as a few technicians thought their mathematical knowledge could lead them to understand markets. The practice of financial engineering came along with massive doses of pseudoscience.”

— Nassim Nicholas Taleb, book Fooled by Randomness

page 115
Fooled by Randomness (2001)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "[In] economics… you can disguise charlatanism under the weight of equations and nobody can catch you since there is no …" by Nassim Nicholas Taleb?

Nassim Nicholas Taleb196

Lebanese-American essayist, scholar, statistician, former t… 1960

Related quotes

“You practice so you can invent. Discipline? No. The joy of practicing leads you to the celebration of the creation.”

Cecil Taylor (1929–2018) American pianist and poet

Soure: Films on Demand, Films for the Humanities & Sciences, Films Media Group, & MVD Entertainment Group. (2011). Cecil Taylor All the Notes. New York, N.Y.: Films Media Group.

“It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? … To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

The Crisis of Global Capitalism (1998)

“Massive concentration of financial power, accompanied by the machinations of finance capital, can as easily de-stabilize as stabilize capitalism.”

David Harvey (1935) British anthropologist

Introduction, p. xxxii
The Limits To Capital (2006 VERSO Edition)

“The most important thing I have done is to combine something esoteric with a practical issue that affects many people. In this spirit, the stock market is one of the most attractive things imaginable. Stock-market data is abundant so I can check everything. Financial markets are very influential and I want to be part of this field now that it is maturing.”

Benoît Mandelbrot (1924–2010) Polish-born, French and American mathematician

New Scientist interview (2004)

“As economics is known as "The Miserable Science", software engineering should be known as "The Doomed Discipline", doomed because it cannot even approach its goal since its goal is self-contradictory. (…) Software engineering has accepted as its charter "How to program if you cannot.”

Edsger W. Dijkstra (1930–2002) Dutch computer scientist

Dijkstra (1988) " On the cruelty of really teaching computing science http://www.cs.utexas.edu/users/EWD/transcriptions/EWD10xx/EWD1036.html (EWD1036). <br class="br">1980s

“It is possible that the major collaboration between economists and engineers is still to come, in the greater use of physical analogues and computers of the analogue type to avoid the difficulties of calculation. Apart from their major use as possible tools for economic regulation, physical analogues have a subsidiary use, for there are students of economics, as there are many students of engineering, who can better understand the significance of the somewhat formidable mathematics that tends to be used in this field, if they can first acquaint themselves with the types of behaviour in question as exhibited by physical objects that can be seen, felt, handled and experimented with. It may also be suggested that economists may find that what they have to say about economic policy will be very readily assimilated by one group of attentive pupils, namely the scientists, engineers and technicians of industry, if explanatory notions can be drawn from the theory of automatic control, which is now part of a normal engineering education. The aim of this essay has been to give explanations of system behaviour, and some approaches to its analysis, using geometrical construction and physical analogy where possible to clarify the implications of the more usual formal algebraic approach.”

Arnold Tustin (1899–1994) British engineer

Source: The Mechanism of Economic Systems (1953), p. 2