Emanuel Derman

Physicists & economists, influence & responsibility

September 2, 2011

I grew up in a post-WWII world where, temporarily, because of their capacity to create devices that wreak destruction, physicists had lots of influence in government. Think Einstein, Oppenheimer, Teller. By the time I went to graduate school at Columbia, the U.S. was involved in Vietnam, and a new bunch of much younger physicists were active in JASON, a Government advisory group. There were many protests against JASON at Columbia in the Sixties, as a result of mild-mannered physicists writing reports with titles (I recall)  like “Interdiction of Trucks By Night,” apparently to do with bombing the Ho Chi Minh Trail. Recently someone claimed that JASON stood for “Junior Achiever, Somewhat Older Now” which captured the hubris of scientists at the time. Influence and power is seductive.

PPE morphs to PNE

August 30, 2011

The internecine arguments by economists in the daily papers show that a good part of economics is about