<p>Regarding the issac newton thing; fine, I really dont think its that important. I could be misquoting him or he could be wrong. </p>
<p>More importantly:
*An unrelated event, is it? Hmmm, financial institutions that over-relied on dodgy models that lost billions of dollars and triggered a government bailout. Sounds pretty related to me. The problem is that nobody seemed to learn from LTCM. They thought they learned, but they obviously didn’t learn.
*
Its really stretching it to say that the current crisis is caused by “dodgy models.” In fact I cant really come up with even a BS thing correlating the two, other than in both cases people tried something stupid.</p>
<p>In any case, you seem to think that people only study economics for the sake of making money and have no real interest actually coming up with theories, which is just complete idiocy. Sure a lot of people get econ degrees expecting to work on wall street, but there are a handful of people out there who are more interested in trying to explain why things happen in the market the way they do. Of course there theories dont have to be 100%, and I would run for the hills if people ever invested money into a THEORY, but that doesnt mean such thinking shouldnt be done.</p>