M. Mitchell Waldrop on a meeting between physicists and economists at the Santa Fe Institute:
...as the axioms and theorems and proofs marched across the overhead projection screen, the physicists could only be awestruck at [the economists’] mathematical prowess — awestruck and appalled. They had the same objection that [Brian] Arthur and many other economists had been voicing from within the field for years. “They were almost too good,” says one young physicist, who remembers shaking his head in disbelief. “lt seemed as though they were dazzling themselves with fancy mathematics, until they really couldn’t see the forest for the trees. So much time was being spent on trying to absorb the mathematics that I thought they often weren’t looking at what the models were for, and what they did, and whether the underlying assumptions were any good. In a lot of cases, what was required was just some common sense. Maybe if they all had lower IQs, they’d have been making some better models.”
M. Mitchell Waldrop on a meeting between physicists and economists at the Santa Fe Institute: