Richer as smarter

We have asked the question the other way: if you're so smart, why aren't you rich?

Now, let's turn it around. Know of any idiots (to be defined) with a lot of money?

That the 'gab standard' (thanks, WSJ) has so much appeal and use, is indicative of a groupthink by those whose minds are mottled by too much money. There is a long list of things to discuss here.

But, poking fun at oops isn't of much use, as these are there, by necessity. Rather, we need to consider how smarts can go to more than just accumulation of more of itself (generally applied, as one could argue that even too much knowledge can be problematic, at times, analysis paralysis being one example).

One could argue that dumb rich won't be rich long, yet that type of statement would need to say what just might be 'dumb' (and, going with the gaming ontology would be problematic, as we've seen) as these types of discussions may, at some point, need to look at T-issues (one thing to consider is whether this is necessary, that is, following Kelly-Bootle, if we have Solomon why Occam?).

Of course, we need to look at 'rich' and possible variations thereof. It seems that most would run after money, even in it's abstracted form, given the chance. Are there other ways of being rich? Well, yes. One can be rich in 'smarts' that are not related to how much money you could get with it. Of course, these are not honed by 'best practice' methods.

You know, some of these may just dissipate when they are applied to any 'economic' theme. Which then brings up the use of 'idiot' earlier, how many ways are we idiots everyday? Again, one would want to set a framework for discussion, and perhaps demonstration, that does not necessitate big 'T' and its related issues.


Remarks:

10/13/2011 -- It is our economy.

03/22/2011 -- It's spring, and the garble uses gambling metaphors.

03/15/2011 -- The M & Ms are apropos.

03/13/2011 -- The machine can help us realize our smarts.

11/21/2010 -- Three years ago, it was said: Computational foci raise miraculous need. Still applies.

10/11/2009 -- Forbes has an article about the traits of those who made it rich. That one of these deals with technical talent (or the inverse of innumeracy) is correct, yet those who grab oodles of bucks, at the same time, have people working for them who are more talented. So, the question remains, is rich smart?

09/02/2009 -- I had not looked at Fooled by Randomness until today. The book contains a chapter with a title something like this, "if you're so rich, why aren't you smart?" We've mentioned one of Taleb's work before.

08/10/2009 -- As promised, FEDaerated is here.

06/18/2009 -- A fresh look will be needed.

04/27/2009 -- We need to look at near-zero.

03/25/2009 -- Rhetoric can be fun, but we have to get into these issues with depth and technicalities.

01/18/2009 - We even need to look at why we need finance.

12/18/2008 -- Example loss by the rich.

11/20/2008 -- Boon and bust, the way of fairy dust.

11/12/2008 -- Well, things feel apart fairly quickly, starting in September of 2008. By N0vember, there was general spooking. Starting in September, movements toward nationalization sped so fast that it was easy to forget that a Republican administration was still in the White House. Talk about rewarding hubris and moral hazardness!!!!

10/23/2008 -- How do we control the influence of the fairy dust provided by the quants?

10/04/2008 -- Those who are smarter ran to the government (and we the taxpayers) for a bailout.

07/31/2008 -- It's not enough to rant and spout off. So, let's start something constructive by looking at money and what it is.

Modified: 10/13/2011