I took my wife to the doctor a few days ago. She was coughing and had a sore throat. After a few quick tests, the diagnosis was viral pharyngitis. No medicines, just “treat the symptoms,” said the doctor.
Treat the symptoms. Away with “root causes” and dramatic diagnoses, a la House MD. Down with antibiotic wonder drugs. Just treat the symptoms with whatever you have - lozenges, cough syrup, warm water.
The lesson should apply everywhere, no?
In politics, it’s akin to the “incremental but sound”, “focus-group driven” approach of the Clinton administration.
In financial markets, it’s the approach taken by the so-called quants.
Where else does it actually work in the world, I wonder.