It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.

News media stimulate bubbles, since stories about them boost their audience.

Somehow, talking to young students brings you back to reality - it should, anyway.

It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.

I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.

Physicists have a bias to aspire to be "seers" like Einstein rather than "craftspeople" who do simple and practical research. I have seen that in economics departments. The same must be true to some extent in other departments.

In the short run and for decisions unlikely to have broad impact, it may be more cost effective to use just one expert.