In light of our discussion in Finance 4335 last week about moral hazard – the Onion weighs in with a particularly “insightful” article on moral hazard as it relates to academic tenure (see http://www.theonion.com/article/newly-tenured-professor-now-inspired-to-work-harde-35169).
Wonderful explanation of the logical fallacy associated with dismissing theories based upon modeling assumptions that are not literally true… HT to Scott Cunningham.
In Zoolander, the titular character is presented with a model of a building. He inspects the model and responds with anger and indignation:
Derek Zoolander: What is this? [smashes the model for the reading center] A center for ants?
Derek Zoolander: How can we be expected to teach children to learn how to read… if they can’t even fit inside the building?