"System change is now inevitable. Either because we do something about it, or because we will be hit by climate change. '...

"We need to develop economic models that are fit for purpose. The current economic frameworks, the ones that dominate our governments, these frameworks... the current economic frameworks, the neoclassical, the market frameworks, can deal with small changes. It can tell you the difference, if a sock company puts up the price of socks, what the demand for socks will be. It cannot tell you about the sorts of system level changes we are talking about here. We would not use an understanding of laminar flow in fluid dynamics to understand turbulent flow. So why is it we are using marginal economics, small incremental change economics, to understand system level changes?"

Wednesday, April 4, 2007

Not just Texans

Here is the president of the Czech republic making us out to be the comeback of the Stalinists, much as Lubos Motl does.

1 comment:

Michael Tobis said...

To clarify, Lubos Motl is not actually a close relative of mine. However, I suspect we come from the same small ethnic group.