"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?"

Thursday, August 16, 2007

Erin Go Sploosh

It's rainin agin.

2 comments:

Steve Bloom said...

You need a tropical storm to take your mind off that.

Steve Bloom said...

And maybe a big-ass hurricane, too. That'll teach you to complain about the weather. :)

(Although this may very rapidly become a non-joking matter. It's early, but the models are liking Houston a lot and Dean seems very likely to reach Cat 5. This could become the strike that Rita wasn't.)