The Economic Implications of Lying Silence
In February, a high school student from California who goes by the name Hannah Cairo accomplished what top mathematicians had failed to do for more than 40 years: disprove the Mizohata–Takeuchi conjecture . The breakthrough arrived in a 14-page preprint posted online, and its consequences stretch far beyond the realm of pure mathematics. Economists, policymakers, and risk managers would be wise to take note.
The Mizohata–Takeuchi conjecture had long been a comforting idea in mathematical analysis. It proposed that for certain kinds of ideal systems—linear partial differential equations with real…
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