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”.