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by c7b
1257 days ago
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I understand that this is mainly an attack on another blogger, but I still don't like the tone of the article. I don't see the need for the strong language, and actually, if you try to replace it with something more civil, the cracks in the argument are becoming apparent. What is BS? Being objectively wrong? How would we know that someone is objectively wrong or right eg in Finance (one of the fields mentioned)? Markets can stay irrational for longer than someone is alive - what does it mean for markets to be irrational from their perspective? Merton and Scholes received the Nobel Prize for their finance theories, yet the hedge fund they ran explicitly based on those theories collapsed spectacularly. Does this conclusively prove that their theory was BS, or were they just unlucky to catch a low probability event with a strategy that 'objectively' had a positive expectation (just playing devil's advocate here)? Let's look at another field OP mentioned where we should be able to say what's objectively true, science. Hendrik Lorentz's theories on how light travels through ether were objectively wrong (for all we know), yet they lead to special relativity. Does this make him a BS artist or not? Would the answer change if Einstein hadn't come along? It seems that OP's argument would have been far less convincing if he'd bothered to try to be exact about his definitions instead of relying on the gut feeling that we all know what BS means. If the argument seems appealing, then the reason for that might lie more in the mind of the reader (who wouldn't like to rise above supposed BS artists?) than in insights about the world. Which makes me sad to say, because I generally had a high impression of Gelman. |
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