Always amazes me how these very precise words are often misused in language………………………………
Economics
- Wrong usage: Referring to money (Finance is what refers to money)
- Correct meaning: Science/framework for explicit value decisions, which involves trade-offs, opportunity cost (benefits foregone)
Chaos
- Wrong usage: complete disorder and confusion
- Correct meaning: innately ordered behavior so unpredictable due to great sensitivity to initial conditions
Complexity
- Wrong usage: complicated situation, confusing situation, too many variables
- Correct meaning: System with underlying statistical properties of many inter-connected parts
Random
- Wrong usage: Haphazard, without definite aim, direction, rule, or method
- Correct meaning: Selection of an item from a set through a process that ensures an equal (or known) probability of selections
