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Midweek greetings to all, as we unveil the 267th chapter of Weekly Olio—a delightful concoction of laughter, insight, and a sprinkle of mystery. Within these pages, you'll discover a handpicked selection of fascinating finds from the vast realms of the internet.
Keep your eyes peeled for this week’s Publisher’s Parmesan, arriving this Sunday!
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The Quote 💭
“Power doesn’t corrupt, it reveals.”
The Tweet 🐦
Global markets greeted the Iran - US MoU and the opening of the Strait of Hormuz with a lot of enthusiasm. But will this opening of Hormuz lead to an instant impact on prices? There is a long chain of events that will need to happen before we come back to normal - that is assuming the same normal is even possible.
The Infographic 💹
Despite India’s electricity demand surging, the overall emissions are still likely to reduce - thanks mainly to the energy policies that are currently in place.
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The Short Read 📝
Our Achilles Heel - by Ted Lamade
This article explores a fundamental human vulnerability: our inability to grasp probabilities. This blind spot manifests in the crushing disappointment of college rejections or the pursuit of market-beating investments, where people often ignore the statistical long odds. While marketers exploit this ignorance, the author argues that our irrationality is also a profound strength. Humanity’s greatest achievements—from entrepreneurship to historical revolutions—required a willingness to ignore the odds in favor of passion.
The key to navigating this tension lies in the motivation behind the pursuit. If one’s goal is purely status or a specific outcome, the statistical likelihood of failure makes disappointment inevitable. However, when the journey itself—the learning, the teamwork, or the creative process—is valued as much as the result, the odds become secondary. Ultimately, understanding probability provides essential perspective, but true passion justifies the leap, turning a potential weakness into the engine of progress. Read more…
The Long Read 📜
The Making of Indian Statistics - by Hiya Jain
This article chronicles the rise and eventual decline of the Indian Statistical Institute (ISI), founded in 1933 by Prasanta Chandra Mahalanobis. A physicist by training, Mahalanobis revolutionized Indian governance by replacing subjective estimates with rigorous, data-driven techniques like stratified random sampling. His methodological innovations, such as the "Mahalanobis Distance" and independent sub-sampling to measure non-sampling errors, earned global acclaim from leading statisticians.
The ISI flourished as a unique "public sector but non-governmental" entity, allowing it to attract top-tier mathematical talent like C.R. Rao and R.C. Bose. This flexibility enabled the institute to serve as both a high-level research hub and a practical advisor for national economic planning. However, the article highlights the fragility of this "intellectual court" model, which depended heavily on Mahalanobis’s personal leadership and specific historical conditions. While India once led the developing world in national self-knowledge through data, the system’s later struggles underscore the challenges of institutionalising such brilliance. Read more…
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That’s all for this week. If you enjoyed this edition, we’d really appreciate if you shared it with a friend, family member or colleague.
We’ll be back in your inbox 2 PM IST next Wednesday. Till then, have a productive week!
Disclaimer: The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual.