Claiming that the Black-Scholes equation had anything to do with theCredit Crisis of 2007-2009 is a bit like claiming Daimler-Maybach wereresponsible for bombing Hiroshima. Sure the planes used the internalcombustion engine, but the causal relationship is being stretched beyondreason.  The claim that Black-Scholes was involved in the Credit Crisis has been madeby Ian Stewart in a piece, apparently promoting his new book, Seventeen Equations that Changed the World, in The Observer.    Prof Stewart is the most important promoter of mathematics in the UnitedKingdom, writing his first book in the early 1970s, Concepts of Modern Mathematics, as an exposition of Bourbaki mathematics. In the 1990s, Bourbakiand ‘New Math’ had faded/failed and Prof Stewart turned his attention tho themore pressing question of introducing mathematics into industry, as explained inthe Preface to the Dover Publications edition.  Given this track-record I am at something of a loss to...

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