Amateurs study cryptography; professionals study economics.
Ian has a fine post over at financial cryptography:
The only thing I’m unsure of is whether it should be economics or risk. But as I roll it around my mind, I keep coming back to the conclusion that in the public’s mind, the popular definition of economics is closer to the image that we are trying to convey. Which is to say, when we say economics, people think of something close to risk.
Economics. There’s more to our dismal work than risk management: There’s the study of signaling, investment choices, and a host of issues which are broader than just risks.
Economics is isomorphic with risk?
Adam Shostack writes, commententing on AMS’s aphorism directly above, that ” [it must be] Economics. There’s more to our dismal work than risk management: There’s the study of signaling, investment choices, and a host of issues which are broader than…