Piketty on models

To summarize: models should be used with parsimony–that is, only when we really need them–and their role should not [be] exaggerated. Models can be useful to organize the data and clarify simple logical relations between basic concepts; but they cannot replace the historical narrative, which in my view must be the real core of the […]

From fact to law

Benjamin Peirce (father of Charles Sanders Peirce) on induction, deduction, and the role of math in the scientific process: Observation supplies fact. Induction ascends from fact to law. Deduction, by applying the pure logic of mathematics, reverses the process and descends from law to fact. The facts of observation are liable to the uncertainties and […]

Notes on political and social change

Just a post to clip together some resources… Julie Battilana at Harvard, in SSIR: In this article, we build on research on social change,1 including our own research,2 for which we studied hundreds of social change initiatives over multiple years and interviewed social entrepreneurs, civil society leaders, and public officials around the world. We identify […]

Nested markets

In the new Foreign Affairs, Felix Salmon reviews Darkness by Design: The Hidden Power in Global Capital Markets, by political scientist Walter Mattli. Salmon and Mattli share the view that more competition among stock exchanges has been bad for financial markets. Here’s Salmon: Up until that point, the exchange was a mutual society: firms could […]