200 karma · joined October 23, 2013
Check out PyFi, my financial modeling package written for Python! (Note: still very much in the works.)
https://github.com/a-phillips/pyfi
Unfortunately, the authors' words will be replaced by journalists to get attention.
If you sample 10,000 professional athletes, are you getting a sample population which represents 9-5ers and couch potatoes too?
If he had won in 2008, he would be right in the middle of this too.
I really don't know, so if you have examples of such studies I'd be more than happy to become informed.
I agree that it may be valuable for things such as health metrics, since it holds socioeconomic factors relatively constant, like another commenter on this thread mentions. But at the very least these people certainly had access to better health care than the average person, or at least higher-than-average intelligence to be able to handle adverse situations during their life. That alone should be enough to eliminate any meaning this may have towards people in general.
I'm sorry if that's overly cynical, but why is it so hard for Harvard academics to understand that the factors affecting people from the Mid-Western middle class, Southern urban poor, New England suburban wealthy, etc. are all very different? Not to mention the factors affecting various cultures internationally.
This is a study of similar people with relatively similar genetics, backgrounds, upbringing, values, wealth, intelligence, and overall lifestyle. How is this of any value to people who aren't like them?
EDIT: I'm realizing that the study's conclusions might be getting exaggerated in the media. I haven't read the actual study, so I'm not sure if the authors are claiming anything as significant as the media is.
Why are those things people should care about? I understand that knowing these things means you have a less-skewed view of the world, but I don't think it's unreasonable that Average Joe doesn't know the world life expectancy or the population distribution. To most people these metrics are just interesting curiosities and nothing more - they have other things to care about, so naturally something like this falls by the wayside. I feel like the article is unfairly criticizing people for not being informed.
I think it would be more interesting if someone gave this to 1,000 leading politicians, who should be much more knowledgeable about this stuff but I suspect would only do somewhat better, if at all. (Disclaimer: making that up.)
The odds of a cryptocurrency catching on the way Bitcoin has are very low. Buying BTCs (or other cryptocurrencies) back in the day would be like investing in penny stocks.
EDIT: For the record I agree with you - there's no point in looking back and saying "I should have done that!"
There are currently no age restrictions on heroin. All a child needs is a morally-bankrupt drug dealer, which imo is easier than finding a morally-bankrupt store clerk if it were legal.
> You would also need to define what is "pure" and police that for an endless list of possible products.
'Pure' can be easily defined, and it doesn't have to be 'pure' anyway, just not increasingly harmful - beer isn't pure alcohol, McDonald's burgers aren't pure beef, etc.
> It is difficult enough to keep salmonella out of food, effective regulation of cannabis sounds impossible. Any regulation would need to be sufficiently loose that you do not need a black market.
Comparing keeping salmonella out of food to keeping drugs clean is apples and oranges - they're entirely different problems. Also, given the insane markup drugs are subject to today, primarily due to the risk of distribution, prices would fall with regulation, and imo enough to undercut any current black market. Also, the quality could be better or worse, but you know it would be safe.
This, my friend, is called adverse selection.
Everyone is fighting over the validity and constitutionality of this law, instead of informing the public about what they need to do to avoid financial penalties. The debate will rage on no matter what, but whether or not you agree with this law (and I don't), the priority right now should be to help people make an informed decision about their compliance.
My point was mostly that if their "experts" can't think critically about the incentive system the program creates, what else will they be surprised about? Adverse selection? Insurer bankruptcy and industry consolidation?
So you're telling me that more people who are getting free benefits showed up to the party than people who have to pay significant annual premiums? Shocking. I think they need new "experts".
There's no shame in solving a problem yourself which someone else has already solved. You may find a better solution. You may just learn a lot. Either way, you get practice seeing a problem and solving it, which is what programming is all about.
I think Shiller has a point, though. If young people are so appalled by what Wall Street is doing, they should be the ones working for them and changing things. Self-driving cars are cool, but what does the US need more - self-driving cars, or a sound and ethical banking system?
What would I be making fun of if I posted an infographic titled "Wearing the Perfect Black-Person Outfit", and featured pictures of saggy jeans, gold chains, grills, flat-brim hats, etc.?
Everyone would be so confused.
If you'll let me put my tin foil hat on, I would say its possible that personal finance isn't taught deliberately - banks want people to be worse at money and debt management so they can make more money off them.