Comments on: The R word again http://blogs.law.harvard.edu/doc/2008/03/16/the-r-word-again/ Same old blog, brand new place Fri, 04 Dec 2009 20:29:45 -0500 http://wordpress.org/?v=2.8.5.2 hourly 1 By: Gregory Yankelovich http://blogs.law.harvard.edu/doc/2008/03/16/the-r-word-again/comment-page-1/#comment-29446 Gregory Yankelovich Mon, 17 Mar 2008 18:36:33 +0000 http://blogs.law.harvard.edu/doc/2008/03/16/the-r-word-again/#comment-29446 I think economists do understand that, hence they value companies and markets on the basis of their ability to repeat their past successes next reporting period. There is an implicit value of "relationship". Economists are heavily involved with statistics and quality of relationship is not easily expressed in it's terms. "If you sit on a burning stove, and your head is in a freezer - statistically you are comfortable" - many years ago when I took my first class in Mathematical Statistics, the professor opened up his lecture with this quote. I think economists do understand that, hence they value companies and markets on the basis of their ability to repeat their past successes next reporting period. There is an implicit value of “relationship”. Economists are heavily involved with statistics and quality of relationship is not easily expressed in it’s terms.

“If you sit on a burning stove, and your head is in a freezer – statistically you are comfortable” – many years ago when I took my first class in Mathematical Statistics, the professor opened up his lecture with this quote.

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