Reviewing the decision theory I have arrived to an important decision, I don’t know which decision making technique I have to choose. All the relevant information leads to an uncertain information model which, following my mood, should in no way try to reach an optimistic solution (!).
I know what I’ll do. I’ll carry on with the best technique, the one most used all over the world: I’ll toss a coin. No, it’s not a 50%-50% solution; I found a way to get tails nine out of ten times. Yes, still uncertain!.
I’m so bored!
I remember when I was on my first year at the Economics Faculty when this professor told us that the economy was going fine (it was 1995) even with the help (actually she meant “interference” as the smile in her face revealed) of the Government.
This comment probably can be seen quite apologetic coming from an European but I’m going to use it for introducing one of the big truths of economics: economics cannot be split from politics as the economy cannot be split from the policy (sic).
In fact, a lot has been written about the subject. Wide research have been proving for years that the political (electoral) cycle and economic cycle follow quite similar trends. Obviously, this works in one way, policymakers work in a partisan way, following oportunistic strategies that should lead them to regain the access to power for another term. In this way, the political elite turns the voters into puppets that will be blurred by the economic activity.
But again, another trick of the economists to say that economics spins the world!
Viva!!!
Yes, mean not lean! (it’s not a typo).
I was checking some definitions of “lean manufacturing“, and I’ve found out one that I really like (the one were the link takes you). Why do I like it so much?. Well, it stresses out the different views on production and the associated risks (i.e. engineer uses not the most efficient way but the safest one…, for him!).
It’s not a bad strategy though, it’s a conservative one. Has the engineer taken into account if the risk is possible, or probable?. Can we account for it?. Can we introduce it into the analysis?.
However, don’t blame the engineer!. Have you seen those cowboy consultants taking lean to an extreme?. Ask the engineer!, he’ll tell you!.
Thanks.
PS. Based on a fictional story. ; )
This week I’ve watched again the biographical movie “A Beautiful Mind“, based on the biography by Sylvia Nasar ([]).
I don’t know if you have watched as well, but in the movie, when he’s told he’s been awarded the Nobel (actually, The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel) he seems disapointed because of the nature of the prize being the “Nash Equilibrium” and not any of his other mathematical developments. Any idea?.
John Nash’s brief autobiography.
Thanks!
I imagine all scientist will be the same, they try to show their science is the best and that can manage every bit of the knowledge. The aftermath?, we have the economics of everything!
I’ve just googled “economics of” and found 21,300,000 entries. Still lower than the entries for “sex” (223,000,000), but higher than “boredom” (7,880,000).
By the way, “economics of boredom” exists!!!. Google a bit.
Bye.
