An excellent recent episode of the BBC Radio 4 math/current affairs show "More or Less" dramatized "The Parable of the Ox," a short article by John Kay originally published in the Financial Times (paywalled, alas, or I'd link to itavailable from Kay's site). Fans of James Surowiecki's Wisdom of the Crowds will know the first part of this story -- wherein the average of several guesses about the weight of an ox was more accurate than the guesses of any of the experts in the crowd. What this podcast and the article adds is a coda about how the use of "guesses" (or stock trades) as a way of weighing the ox quickly departed from guesses about the weight of the ox (or the value of a firm) and turned into guesses about other peoples' guesses about other peoples' guesses -- a financialized system that soon has no connection to the real economy or the real ox. And it ends, predictably enough, when the ox dies.
Lax enforcement from the SEC has allowed the biggest companies in America — 90 percent of the companies in the S&P 500, led by the faltering energy sector — to ignore the “Generally Accepted Accounting Principles” (GAAP) in presenting their financial information to investors, manufacturing nonexistent profits in quarters where they suffer punishing losses.
Reuters reports that VW is about to tell the federal judge in San Francisco in charge of its case that it will offer to buy back nearly half a million of its diesel vehicles from owners who were deceived about the cars’ emission standards and performance when the company engineered its cars so that they […]
Isn’t it about time to stretch what your Mac can do? I mean, you’ve got plenty of great programs now…but don’t you think you could use some new tools to get your creative, analytical and organizational juices really flowing? It’s spring, so we cleaned up a whole bunch of super-cool apps lying around and packaged […]
In the world of app development, there’s no greater arena to find success than with Android users. About 80% of the smartphones in use today worldwide operate on the Android operating system, so if you build a great app that Android users love, you’re an international rock star. You’ll be able to make sure your […]
Unless you’re a programmer or webmaster, the term SQL probably doesn’t mean much to you. But for those looking to understand more about how and why the web works the way that it does, know this – SQL and its process of managing and presenting large data sets is everywhere…and it’s the most in-demand programming […]