A Quote by Charlie Munger
I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory that enabled them to do pretty mathematics. So I understand its seductiveness to people with large mathematical gifts. It just had a difficulty in that the fundamental assumption did not tie properly to reality.
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The most important single thing about string theory is that it's a highly mathematical theory, and the mathematics holds together in a very tight and consistent way. It contains in its basic structure both quantum mechanics and the theory of gravity. That's big news.
What makes the theory of relativity so acceptable to physicists in spite of its going against the principle of simplicity is its great mathematical beauty. This is a quality which cannot be defined, any more than beauty in art can be defined, but which people who study mathematics usually have no difficulty in appreciating.
Well, gauge theory is very fundamental to our understanding of physical forces these days. But they are also dependent on a mathematical idea, which has been around for longer than gauge theory has.
Here is a quilted book about mathematical practice, each patch wonderfully prepared. Part invitation to number theory, part autobiography, part sociology of mathematical training, Mathematics without Apologies brings us into contemporary mathematics as a living, active inquiry by real people. Anyone wanting a varied, cultured, and penetrating view of today's mathematics could find no better place to engage.
String theory has had a long and wonderful history. It originated as a technique to try to understand the strong force. It was a calculational mechanism, a way of approaching a mathematical problem that was too difficult, and it was a promising way, but it was only a technique. It was a mathematical technique rather than a theory in itself.
As soon as science has emerged from its initial stages, theoretical advances are no longer achieved merely by a process of arrangement. Guided by empirical data, the investigator rather develops a system of thought which, in general, is built up logically from a small number of fundamental assumptions, the so-called axioms. We call such a system of thought a theory. The theory finds the justification for its existence in the fact that it correlates a large number of single observations, and it is just here that the 'truth' of the theory lies.
We shall see that the mathematical treatment of the subject [of electricity] has been greatly developed by writers who express themselves in terms of the 'Two Fluids' theory. Their results, however, have been deduced entirely from data which can be proved by experiment, and which must therefore be true, whether we adopt the theory of two fluids or not. The experimental verification of the mathematical results therefore is no evidence for or against the peculiar doctrines of this theory.
I am not well qualified to criticize the theory of rational expectations and the efficient market hypothesis because as a market participant I considered them so unrealistic that I never bothered to study them.
A justice is not like a law professor, who might say, 'This is my theory... and this is what I'm going to be faithful to and consistent with,' and in twenty years will look back and say, 'I had a consistent theory of the First Amendment as applied to a particular area.'
If the theory accurately predicts what they [scientists] see, it confirms that it's a good theory. If they see something that the theory didn't lead them to believe, that's what Thomas Kuhn calls an anomaly. The anomaly requires a revised theory - and you just keep going through the cycle, making a better theory.
Such is professional jealousy; a scientist will never show any kindness for a theory which he did not start himself. There is no feeling of brotherhood among these people. Indeed, they always resent it when I call them brother. To show how far their ungenerosity can carry them, I will state that I offered to let Prof. H--y publish my great theory as his own discovery; I even begged him to do it; I even proposed to print it myself as his theory. Instead of thanking me, he said that if I tried to fasten that theory on him he would sue me for slander.
Most people have some appreciation of mathematics, just as most people can enjoy a pleasant tune; and there are probably more people really interested in mathematics than in music. Appearances suggest the contrary, but there are easy explanations. Music can be used to stimulate mass emotion, while mathematics cannot; and musical incapacity is recognized (no doubt rightly) as mildly discreditable, whereas most people are so frightened of the name of mathematics that they are ready, quite unaffectedly, to exaggerate their own mathematical stupidity
What is especially striking and remarkable is that in fundamental physics, a beautiful or elegant theory is more likely to be right than a theory that is inelegant. A theory appears to be beautiful or elegant (or simple, if you prefer) when it can be expressed concisely in terms of mathematics we already have. Symmetry exhibits the simplicity. The Foundamental Law is such that the different skins of the onion resemble one another and therefore the math for one skin allows you to express beautifully and simply the phenomenon of the next skin.
People sometimes try to score debating points by saying, Evolution is only a theory. That is correct, but it's important to understand what that means. It is also only a theory that the world goes round the Sun - it's just a theory for which there is an immense amount of evidence. There are many scientific theories that are in doubt. Even within evolution, there is some room for controversy. But that we are cousins of apes and jackals and starfish, let's say, that is a fact in the ordinary sense of the word.
Henceforth, whilst there are a great many theories and models proposed as to how, or why, magic works (based on subtle energies, animal magnetism, psychological concepts, quantum theory, mathematics or the so-called anthropomorphic principle) it is not a case that one of them is more 'true' than others, but a case of which theory or model you choose to believe in, or which theory you find most attractive. Indeed, from a Chaos Magic perspective, you can selectively believe that a particular theory or model of magical action is true only for the duration of a particular ritual or phase of work.
Renormalization is just a stop-gap procedure. There must be some fundamental change in our ideas, probably a change just as fundamental as the passage from Bohr's orbit theory to quantum mechanics. When you get a number turning out to be infinite which ought to be finite, you should admit that there is something wrong with your equations, and not hope that you can get a good theory just by doctoring up that number.
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