"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?"

Saturday, January 23, 2010

Time Out from our Usual Griping

Time to gripe about another subject entirely. Any resemblance to the problems normally discussed on this site is coincidental.

1 comment:

Dano said...

Yes, I've been passing this around. Perfect description, better than invertebrate.