We need New Therapies For Aggregate Clumsiness. There Is No Cure. Forget The Federalist Papers. We Need The Autocatalysis Memes. Pronto.
Written by Roger Erickson
We read a great article by Mike Lofgren in the Washington Monthly: Operation Rent Seeking: How the war on terror becames a business model. It brought back to mind a concept we have discussed before, cultural or aggregate human coordination. But Lofgren made us think about the problem of lack of coordination: How about cultural, or aggregate clumsiness? (Yes, it's called evolution. We'll return to that in a moment.)
March 11th, 2015
in Op Ed
by Rob Parenteau, NewEconomicPerspectives.org
As Greece staggers under the weight of a depression exceeding that of the 1930s in the US, it appears difficult to see a way forward from what is becoming increasingly a Ponzi financed, extend and pretend, "bailout" scheme. In fact, there are much more creative and effective ways to solve some of the macrofinancial dilemmas that Greece is facing, and without Greece having to exit the euro. But these solutions challenge many existing economic paradigms, including the concept of "money" itself.
Appeared originally at VoxEU, 27 February 2015.
Market-based mechanisms such as cap-and-trade can tackle externality problems more efficiently than command-and-control regulations. However, politicians in the US and Europe have retreated from cap-and-trade in recent years.
We’re getting rather used to revelations about sharp practice in the banking sector. The row about HSBC’s tax services to rich clients has raised, yet again, crucial questions about the business culture which allows such scandals to emerge. One common idea is that those involved have lost their “moral compass” and succumbed to the imperative of pure greed as they employ subterfuge to do things which end up doing harm to the general public.
March 9th, 2015
in Op Ed