The Adaptive Markets Hypothesis: A Step in the Right Direction

In a conversation with the master jazz musician and Pulitzer Prize-winning composer Wynton Marsalis, he told me, “You need to have some restrictions in jazz.  Anyone can improvise with no restrictions, but that’s not jazz.  Jazz always has some restrictions.  Otherwise it might sound like noise.”  The ability to improvise, he said, comes from fundamental knowledge, and this knowledge “limits the choices you can make and will make.  Knowledge is always important where there’s a choice.” - The Art of Choosing, Sheena Iyengar

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