22 Sep '13, 4pm

Brilliant article from @TheOilDrum on "Twenty (Important) Concepts I Wasn't Taught in Business School":

Brilliant article from @TheOilDrum on "Twenty (Important) Concepts I Wasn't Taught in Business School":

Evidence based science in fields like biology and physics has been marginalized during this long period of 'correlation=causation'. This oversight is not only ubiquitous in finance and economics but present in much of the social sciences, which over the past 2 generations have largely conflated proximate and ultimate explanations for individuals and societies. In nature geese fly south for the winter and north in the spring. They do this based on neurotransmitter signals honed over evolutionary time that contributed to their survival, both as individuals and as a species. "Flying north in spring" is a proximate explanation. "Neuro-chemical cues to maximize food/energy intake per effort contributing to survival" is an 'ultimate' explanation. In business school I was taught, 'markets go north' because of invention, technology and profits, an explanation which seemed hollow t...

Full article: http://www.theoildrum.com/node/8402#more

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