Magic bullets, war and peace, and defeating metaphors

The books I chose for my recent holiday turned out to be uniformly excellent, which doesn’t always happen. Another cracker was Siddartha Mukherjee’s [amazon_link id=”0007250924″ target=”_blank” ]The Emperor of All Maladies: A Biography of Cancer[/amazon_link]. Although detailed and authoritative on the medicine and science, and quite a chunky book, it reads like a thriller and is packed with fascinating stuff.

[amazon_image id=”0007250924″ link=”true” target=”_blank” size=”medium” ]The Emperor of All Maladies[/amazon_image]

One of the most interesting strands concerns the importance of randomized control trials in testing both causes of different cancers and potential treatments for it. Medical trials are expensive, fraught with ethical dilemmas, and slooooow. But failure to carry them out can maim and kill. For many years women underwent massively radical mastectomies that made no beneficial difference to their health and mortality. The surgeons were carried along on the crest of their own certainty and self-esteem. (In fact, the disconnect between cancer researchers and surgeons who treat patients is another interesting theme.) The Doll and Hill test of the link from smoking to lung cancer was so decisive because it assigned subjects to trial groups randomly, before they had developed the disease.

However, as Mukherjee notes, the campaigning by activists for people with HIV and AIDS to receive new drugs and combinations of drugs before trials had been completed – on the entirely understandable grounds that the patients were dying and so anything, even anything unproven, was worth trying – changed the environment for rigorous trials. We see this all the time now with new cancer drugs. Desperate patients learn very quickly from online forums that an experimental treatment is available, and each of them faces the choice between certain early death and a whisper of uncertainty. See this recent example described in The Guardian – although the article doesn’t state whether the pioneering treatment available in the US has actually been trialled there either).

Thank goodness the stakes in economic policy, increasingly looking at the methodology of randomized control trials, are not so high. I think Mukherjee makes a strong case for sticking with the methodology, and resisting the activism, although it would make sense to ask whether formal trials need to take so long or cost so much. After all, apart from slowing down results, they form a massive barrier to entry in the pharmaceuticals industry.

I could pick out lots of other terrific sections. The book describes Vannevar Bush’s view of research at the wartime Office of Scientific Research and Development – namely, that the government had to fund research directly serving the needs of war. Programmatic research was a much higher priority than basic research. And also his change of mind as soon as the war was over, writing to the President in 1945: “The striking advances in medicine during the war have been possible only because we had a large backlog of scientific data accumulated through basic research in many scientific fields in the years before the war.”

What else? The heterogeneity of cancers. The fact that humans and cancer are in an arms race because tumours develop resistance, and that a “war on cancer” is, like all metaphorical wars, unlikely to be won. That as early as 1910 a researcher (a Paul Ehrlich, although not that one) declared (wrongly) that he had found a ‘magic bullet’, a metaphorical weapon in the metaphorical war. A highly recommended book.

PS I’d no sooner posted this than I found this THES review of two new books on the tobacco industry’s (ab)use of areas of scientific doubt.

More on parallel universes

The holiday wasn’t all work (although below is the photographic evidence of me writing my next book). One of the novels I read was [amazon_link id=”1846556260″ target=”_blank” ]The Banker’s Daughter[/amazon_link] by Emran Mian. The daughter of an international banker flees London with her father when his BCCI-style bank collapses under allegations of fraud, some time before the global financial crisis. The two of them live an odd, deracinated life in a luxury hotel in Beirut. For the character of the title, the only meaning comes from designer shopping – until she discovers a photograph that raises in her mind a dreadful suspicion that her father has done something much worse than commit fraud. The action moves on to Lahore and finally back to London for the denouement. To say more would reveal too much about the plot.

[amazon_image id=”1846556260″ link=”true” target=”_blank” size=”medium” ]The Banker’s Daughter[/amazon_image]

The novel is a terrific read, a page turner with complex and credible characters – a rarer combination than one might hope. It is set in not one but three universes completely outside my own experience – globe-trotting banking, designer-shopping levels of wealth, and a Pakistani family. Like all good novels, The Banker’s Daughter is universal and specific at the same time, and I found the depiction of these parallel universes really interesting. Highly recommended. We need more creative and literary engagement with the world of the bankers and financial markets.

As a footnote, I’m afraid my other fiction reading was crime novels. The latest Camilleri paperback in his Montalbano series, [amazon_link id=”0330507672″ target=”_blank” ]The Track of Sand[/amazon_link], and another book by the outstanding South African writer Deon Meyer, [amazon_link id=”B003ODIWCS” target=”_blank” ]Heart of the Hunter[/amazon_link]. Well, I deserved some lighter reading after writing about the history of GDP for two hours a day.

An author at work

In their own moral universe

After two weeks in Brittany with next to no internet and email access, and two days at home getting the email inbox down from 449 unread after the immediate deletions to 21 read and needing action, I can start reporting here on some of my holiday reading.

First up is a book that could have been either a bit of a disappointment or a gripping read, and that’s because it’s an anthology. It’s [amazon_link id=”0231160739″ target=”_blank” ]The Best Business Writing 2012[/amazon_link], selected by editors for the Columbia Journalism Review. The times could not be more suited to compelling reporting about the world of business, finance and economics. We have seen events that will, with due hindsight as well as now, change the course of history. I’d read/heard/seen some of the essays and extracts in this book already but the collection of this superb reporting in one volume is compelling.

To read them one after the other is to have the experience of one’s sense of righteous anger about the behaviour of the business and financial elite being focused like a laser. Merrill Lynch bankers having a saying: “We’re in the moving business, not the storage business.” The use of crops for ethanol making millions of people hungry. Corporate executives in a healthcare business ignoring multiple warnings from the FDA about breaches of cleanliness and failure to uphold proper procedures – and the agency for doing nothing more than issue verbal warnings for a decade. A human resources director taking a company helicopter to commute to work while imposing major redundancies. Social security effectively requiring low-income parents in the US to medicare their children with inappropriate drugs in order to qualify for certain payments. And more on every page.

[amazon_image id=”0231160739″ link=”true” target=”_blank” size=”medium” ]Best Business Writing Book 2012 (Columbia Journalism Review Books)[/amazon_image]

In case there is any doubt, this is not because all the contributions are written from a particular partisan standpoint. The range of perspectives and subjects is wide. I found the corporate reporting particularly interesting because I was least likely to have read any of it before. In fact, it is the very breadth of these reports that made me so furious. It seems that many people in the world of finance, and some people in the corporate world too, have been living in an entirely separate moral universe from the rest of us. Nor is it clear that they have yet returned through the wormhole back into normal decency.

This is the first volume of an annual series, and I’ll certainly be adding the next edition to my reading pile for summer 2013.

While the dog snoozed on the beach, I read

Frankenstein’s monster at large

The possibility that economic theory is ‘performative’ – that the theory creates the reality – has long fascinated me. I talked about it in my Tanner Lectures earlier this year. Donald Mackenzie of Edinburgh University has long related the concept to the financial markets. It was with what I thought was some dramatic hyperbole that I described financial economics as [amazon_link id=”0140623329″ target=”_blank” ]Frankenstein’s Monster[/amazon_link], on the rampage still despite the crisis. Melodramatic because at that time – although I had read Mackenzie’s [amazon_link id=”0262633671″ target=”_blank” ]An Engine Not A Camera: How Financial Models Shape Markets[/amazon_link] and [amazon_link id=”0691138494″ target=”_blank” ]Do Economists Make Markets?[/amazon_link], Robert Harris’s thriller [amazon_link id=”B005EWDAFQ” target=”_blank” ]The Fear Index[/amazon_link], and a few articles about the 2010 Flash Crash, including this one also in Wired, not to mention some regulatory reports and specialist algo trading publications – even so, high frequency trading hasn’t been dominating the headlines.

Now we have had, of course, the Knight Capital meltdown. I’ve also come across some other things well worth reading, among them Scott Patterson’s excellent [amazon_link id=”1847940978″ target=”_blank” ]Dark Pools[/amazon_link] (which I reviewed here),a new Wired feature, Raging Bulls, and among several by Felix Salmon this blog post with an astounding animation showing the growth of high frequency trading. On my list too is Sal Arnuk’s [amazon_link id=”B0085AQS3A” target=”_blank” ]Broken Markets[/amazon_link].

[amazon_image id=”B0085AQS3A” link=”true” target=”_blank” size=”medium” ]Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio[/amazon_image]

I do sincerely hope financial regulators are not too busy fretting about their failures to limit the credit boom to pay attention to the next financial disaster. Algo trading is how it’s going to happen. Besides, as Patterson’s book makes clear, there is no efficiency gain here; this is a zero sum game in which algo traders win and investors (you and me) lose.

[amazon_image id=”1847940978″ link=”true” target=”_blank” size=”medium” ]Dark Pools: The rise of A.I. trading machines and the looming threat to Wall Street[/amazon_image]

Woolly complexity

It has taken me a while to get round to reading Stuart Kauffman’s [amazon_link id=”0465018882″ target=”_blank” ]Reinventing the Sacred: A New View of Science, Reason and Religion[/amazon_link]. Although I was looking forward to reading one of the gurus of complexity expound on the meaning of life, culture and technology, the mention of religion in the title must have rung some kind of subconscious warning bell. For I found the book an infuriating mix of interesting reflections on complexity – particularly why it should warn us against being too reductive, or locked into interdisciplinary silos – and woolly philosophy. Actually, it’s a book about why science is not only compatible with spirituality but should drive us to spirituality and belief in God. While perfectly happy for anybody else to worry about reconciling science and the sacred, I’m just not that interested in it.

There is a chapter on the economy that skates over the application of evolutionary theory and complexity to economics. This is brief and may be a handy introduction for anyone who knows nothing about this subject. If you do, it will be very familiar. Inevitably for a book with extremely broad scope, it lacks depth.

In terms of the underlying hypothesis about the dangers of being reductive, this book suffers by comparison with another one I’m currently reading, [amazon_link id=”0300188374″ target=”_blank” ]The Master and His Emissary [/amazon_link]by Iain McGilchrist. By contrast to Reinventing the Sacred, it’s a real doorstop of a book, and goes in depth into the human brain as well as many aspects of human culture. It’s a shame – I enjoyed Kauffman’s other book [amazon_link id=”0195095995″ target=”_blank” ]At Home in the Universe: The Search for Laws of Self-Organization and Complexity[/amazon_link], and he has obviously been a massively influential thinker in introducing these ideas to the way we analyse social as well as biological phenomena.

[amazon_image id=”0465018882″ link=”true” target=”_blank” size=”medium” ]Reinventing the Sacred[/amazon_image]