I am quoting from an article written in FT by Beneoit Mandelbrot and Nassim Nicholas Taleb…

” The traditional Gaussian way of looking at the world begins by focusing on the ordinary, and then deals with exceptions or so-called outliers as ancillaries. But there is also a second way, which takes the exceptional as a starting point and deals with the ordinary in a subordinate manner – simply because that “ordinary” is less consequential.“

I think this paragraph has convinced me that we need to throw the old ways of looking at the problem and start with a new perspective. With that said, I am seriously thinking about pursuing my PhD in Economics. Maybe, the title of my thesis would be “What they don’t teach you in Economics and Econometrics”.