Buffett, ignorant on economic theory?

[smilingsynic]

Quote from makloda:

That's a little one-sided. I could argue there are rarely any rich scientists that just spend time inside their ivory towers of Engineering, Medicine, Computer Sciene or Mathematics. In all disciplines, money is made in the applications, not in theory, lecturing and textbook writing.

You will find a whole bunch of people that made money applying economic theory, e.g. global macro fund managers.

I would also add that scientists and other academics generally contribute something original to society, whereas those who only trade are merely piggybacking off of the labor, ideas, and overall contributions of others.

Now scientists, economists, and other academic who trade--they get the best of both worlds.