For a millennium, mankind attempted to define and measure risk.
From the early days of Pascal and Golton to the modern forerunners in academia, defining and measuring risk has been a relentless pursue. Until we properly define and measure risk, there seems no way to mathematically defeat risk, creating risk free financial markets and economies.
Mathematics opened up a new door for mankind with the invention of probability study. Mankind started using probability studies in real life statistical research in the 1660s, starting with a man called John Graunt. Gruants methods evolved through many hands into what insurance companies of today still use to calculate insurance premiums. Even though probabilistic study is a useful mathematical tool for defining the probability of the occurrence of several outcomes, it has certain flaws. Flaws rendering it useless in helping the world prevent or predict the Great Depression and the subsequent World Wars and each market crash that followed. Probability has 2 major flaws; Firstly, probability is based on each outcomes being mutually independent and random, resulting in a normal distribution and secondly, probability cannot...
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