Quote: "However, a financial crisis in the Western hemisphere coupled with other macro/socioeconomic factors has lead to a reduction in scientific and engineering budgets and later-stage investment in such technologies."
Translation: The recent worldwide economic meltdown was caused in part by quants' inability to accurately assess investment risks, or to influence decision-making, or both. The fallout was public distrust (justifed or not) of quants and what they do for a living.
The bottom line is that reliable quantitative analysis hinges on the degree to which economics is a science. Economics isn't a science. Any questions?
Translation: The recent worldwide economic meltdown was caused in part by quants' inability to accurately assess investment risks, or to influence decision-making, or both. The fallout was public distrust (justifed or not) of quants and what they do for a living.
The bottom line is that reliable quantitative analysis hinges on the degree to which economics is a science. Economics isn't a science. Any questions?