Lord Skidelsky writes that Keynes felt that we needed different economic models for different times. That is as it should be, in social sciences.
That is what John Hussman alluded to last week when he said financial asset prices too have a context that went into the judgement of whether they were too high or too [...]
Emanuel Derman, former head of Quantitative Finance in Goldman Sachs and theoretical physicist now teaches both Industrial Engineering and Quantitative Finance in Colombia University. His blogs are short, crisp and both thoughtful and thought-provoking.
Here are two samples:
http://www.wilmott.com/blogs/eman/index.cfm/2009/2/19/Do-Keynesians-Laugh-When-They-Tickle-Themselves (and)
http://www.wilmott.com/blogs/eman/index.cfm/2009/2/12/Shocks-to-the-System
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