On August 13, 2013, Parent and Purchaser notified Steinway that they waived their right to negotiate with the Steinway Board with respect to the New Proposal and any other proposal at the same or higher price than the New Proposal.”
via N.Y. Times Dealbook, EDGAR
- Economics is a discipline, not a science.
- Markets are frequently ahead of, and often out of sync with, the economy.
- Models are of limited utility.
- Contextualizing data often leads to error.
- Narrative drives most of economics.
- Economists are loathe to admit that “they don’t know.”
- A tendency to confuse correlation with causation.
- The peril of predictions.
- Extrapolating current circumstances to infinity: Economists suffer from the recency effect, just like everyone else does.
- Sturgeon’s Law: Not every economist is a prize winner.
via Wash. Post