úterý 6. prosince 2005

Wall Street vs. Teheran Main Street

No more F1 vs. WRC analogy, but let's keep the spirit of beautiful parallels. I shall discusst differences between mainstream Economics and the mainstream of other Social Sciences.

The former one is like Wall Street: clear, structured, hierarchical and transparent operations. The market is highly regulated by committees and a strict code of the profession (which involves PhD education, TeX-nical knowledge, econometrics, and lots of applied math).
The latter one is like a street market in Teheran: unclear, where each deal is special, bargaining is time-consuming, anyone is involved, everything is possible and the quality is very costly to monitor. Of course, beyond sharia and words of almighty ajatollahs, nothing is regulated.

Which one do you prefer?