Modern quantitative finance presents unique opportunities for smart people to run amok. But we have not fixed our financial system, or reined in the h
September 1, 1986
In most fields of intellectual endeavor, the highest praise is reserved for brilliant insights that overturn conventional thinking and common sense. Albert Einstein's theory of relativity, for example, changed completely the way we think about the interrelationship of time and space. Economists and legal scholars, always looking over their shoulders at the "hard sciences," traditionally have applied the same standards in their own fields.