"In economics, there can never be a "theory of everything." But I believe each attempt comes closer to a proper understanding of how markets behave." - Benoit Mandelbrot

Weierstrass, Cantor, or Peano! In physics, an analogous development threatened since about 1800, since Laplace’s Celestial Mechanics avoided all illustration. And it is exemplified by the statement by P. A. M. Dirac (in the preface of his 1930 Quantum Mechanics) that nature’s “fundamental laws do not govern the world as it appears in our mental picture in any very direct way, but instead they control a substratum of which we cannot form a mental picture without introducing irrelevancies.” The wide and uncritical acceptance of this view has become destructive. In particular, in the theory of fractals “to see is to believe.

For instance, suppose you offer somebody a choice: They can flip a coin to win $200 for heads and nothing for tails, or they can skip the toss and collect $100 immediately. Most people, researchers have found, will take the sure thing. Now alter the game: They can flip a coin to lose $200 for heads and nothing for tails, or they can skip the toss and pay $100 immediately. Most people will take the gamble. To the imagined rational man, the two games are mirror images; the choice to gamble or not should be the same in both. But to a real, irrational man, who feels differently about loss than gain, the two games are very different. The outcomes are different, and sublimely irrational.

Britain for a long time had a reflection of its class structure which meant that people like, well, J. B. S. Haldane who was the nephew of Lord Haldane, or Bertrand Russell who became Lord Russell, could do what they pleased, and it's interesting to think that Bertrand Russell never had a job, he never had to compete for a job. Haldane had four or five different jobs in his life, totally different. He probably could have — if he had been bothered — have just abandoned his job and went on to live otherwise. … But this no longer exists. IBM no longer exists. I don't see a place now where somebody like myself who combined, let's say, unusual gifts and unusual tastes and, who everybody said has promise, was certainly a misfit of the worst kind could find a position at this point and I think that a tragedy.