Academia vs. The Real World – Part 2
We are revisiting our discussion of what the real world is like versus what academics claim in papers and debates. A good way of putting this is “Academia has a tendency, when unchecked (from lack of skin in the game), to evolve into a ritualistic self-referential publishing game.” In 1984, this is exactly what Michael Jensen did in his talk at Columbia University in a debate with Warren Buffett. We know that reciting more and more of your colleagues’ papers is the best way to win in academia. We seek to finish this discussion on what works in the real world.