Tag: discrimination
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An oligopoly does not set terms against persons. It sets terms against categories. The person is what the category was built to replace. ALL MODELS ARE WRONG, BUT SOME ARE USEFUL. The statistician George Box wrote this in 1976, and it is the axiom this entire essay rests on. A model is a simplification. It…
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Your bank does not want you to understand how it decides. This is not a conspiracy theory. It is a description of the business model. The traditional lending system—mortgages, credit cards, auto loans, personal loans—operates on a simple principle: the lender knows the rules, and you do not. The credit score is proprietary. The underwriting…