Economics
The economist John Maynard Keynes saw the importance of defining relevance to the problem of calculating risk in economic decision-making. He suggested that the relevance of a piece of evidence, such as a true proposition, should be defined in terms of the changes it produces of estimations of the probability of future events. Specifically, Keynes proposed that new evidence e is irrelevant to a proposition, given old evidence q, if and only if p/q & e = p/q and relevant otherwise.
There are technical problems with this definition, for example, the relevance of a piece of evidence can be sensitive to the order in which other pieces of evidence are received.
Read more about this topic: Relevance
Famous quotes containing the word economics:
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)
“Religion and art spring from the same root and are close kin. Economics and art are strangers.”
—Willa Cather (1876–1947)