Today the President took the first step in de-Washingtoning the economic renewal process. He has a great inside team and now has a Board from outside the "echo chamber" to give more perspective.
What is still lacking, unfortunately, is an appropriate analytical framework by which to monitor the process.
All the ideas in the world will not bring about a transitioned economy without a realistic analytical structure by which to guide decisions, and technicians to develop and maintain the model.
That is the missing piece of the puzzle.
As we have discussed in earlier blogs, by ignoring advances in actuarial science, complexity science, data mining and computer processing, existing models make themselve useless in the world of black swans, cascades, power laws and multi-fractals and which we now face.
No amount of fidgeting will make the models work right. Only a concerted effort to integrate the innovations will succeed.
Model output is only useful if actuarially sound, interaction friendly, data robust, and computer scrubbed.
Let us join the team with our new analytics and help transform the economy successfully.
Lee
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