Actuarial Science and Financial Analysis

Take a look at George Gamow, who is now recognized as one of the great cosmologists of the last hundred years. I speculate that he probably didn't win the Nobel Prize because people could not take him seriously. He wrote children's books. His colleagues have publicly stated his writing children's books on science had an adverse effect on his scientific reputation, and people could not take him seriously when he and his colleagues proposed that there should be a cosmic background radiation, which we now know to be one of the greatest discoveries of 20th-century physics.

Today, when so much depends on our informed action, we as voters and taxpayers can no longer afford to confuse science and technology, to confound “pure” science and “applied” science.

Now analysis is of two kinds, the one directed to searching for the truth and called theoretical, the other directed to finding what we are told to find and called problematical. (1) In the theoretical kind we assume what is sought as if it were existent and true, after which we pass through its successive consequences, as if they too were true and established by virtue of our hypothesis, to something admitted: then (a), if that something admitted is true, that which is sought will also be true and the proof will correspond in the reverse order to the analysis, but (b), if we come upon something admittedly false, that which is sought will also be false. (2) In the problematical kind we assume that which is propounded as if it were known, after which we pass through its successive consequences, taking them as true, up to something admitted: if then (a) what is admitted is possible and obtainable, that is, what mathematicians call given, what was originally proposed will also be possible, and the proof will again correspond in reverse order to the analysis, but if (b) we come upon something admittedly impossible, the problem will also be impossible.