Monday, September 9, 2013

Conventional wisdom not always right

"Because economic and social phenomena are so forbidding or so it seems.... there is a persistent and never-ending competition between what is right and what is merely acceptable... Just as truth ultimately serves to create a consensus, so in the short run does acceptability ... To a very large extent, of course,  we associate truth with convenience..."  John Kenneth Galbraith 


Just because the story is simple and easy to tell does not make it right. We would like to make the complex easy to understand but that is not always the case. This is the counter to simple thinking and modeling. We often do not want to do the hard thinking of getting at the root cause of an event.

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