I watch cryptocurrency drama from the nosebleed seats. I have some shallow understanding of the system and, I’m not ashamed to say, I rely on my students to fill in some details for me if I’m curious and they’re willing. If you keep hearing about FTX and wondering what’s going on, this piece in The Atlantic by Annie Lowrey will give you an idea of the most recent meltdown.
This is classic economics-guy thing, where they act like the narratives that they map onto the data, are themselves just as infallible as the data…The idea that there is always something hidden, right, seems to be lurking here…Peter Shamshiri, “Freakonomics,” If Books Could Kill
I’ve read enough college composition history to know that there is a long stretch of time in the academy where the English department wanted to be more quantifiable, like the sciences, to justify their importance. This quote reminds me that economics is a pseudoscience with a desire to do the type of interpretation with data that we usually reserve for fiction.
Also, great new podcast: If Books Could Kill podcast with Michael Hobbes and Peter Shamshiri