July 2nd, 2003
I have always loved the study of complex systems, hence my Masters in Systems Engineering from Boston University. One of the largest complex systems to observe is an economy. I marvel at the terms economists use to define every possible market scenario or behavior in their quest to understand and explain what seems to be the unknowable or incomprehensible. Terms like creative destruction which defines the process of new companies being built over the ruins of others; an “efficient economy", is one that grows without the need for new jobs (a very popular term today); and one of my favorite terms “idiosyncratic volatility” which explains how you can feel so down right miserable about your bad luck in this economy even as the industry indexes increase.
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