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Audiobooks by James Owen Weatherall
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The social dynamics of 'alternative facts': why what you believe depends on who you know
Why should we care about having true beliefs? And why do demonstrably false beliefs persist and spread despite consequences for the people who hold them? Philosophers of science Cailin O'Connor and James Weatherall argue that social factors, rather than individual psychology, are what's essential to understanding the spread and persistence of false belief. It might seem that there's an obvious reason that true beliefs matter: false beliefs will hurt you. But if that's right, then why is it (apparently) irrelevant to many people whether they believe true things or not?
In an age riven by 'fake news,' 'alternative facts,' and disputes over the validity of everything from climate change to the size of inauguration crowds, the authors argue that social factors, not individual psychology, are what's essential to understanding the persistence of false belief and that we must know how those social forces work in order to fight misinformation effectively.
James Owen Weatherall tells the story of the physicists and mathematicians who created the models that have become the basis of modern finance and argues that these models are the "solution" to-not the source of-our current economic woes.
After the economic meltdown of 2008, Warren Buffett famously warned, "beware of geeks bearing formulas." But as James Weatherall demonstrates, not all geeks are created equal. While many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-siècle Paris to Rat Pack-era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles.
The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models-whether in science or finance-have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn't understand their purpose, and didn't care. It was a catastrophic misuse of science.
The solution, however, is not to give up on models; it's to make them better. Weatherall reveals the people and ideas on the cusp of a new era in finance. We see a geophysicist use a model designed for earthquakes to predict a massive stock market crash. We discover a physicist-run hedge fund that earned 2,478.6% over the course of the 1990s. And we see how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index.
Both persuasive and accessible, The Physics of Wall Street is riveting history that will change how we think about our economic future.
