"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, February 19, 2011

This One is Real

From Tahrir to Wisconsin










3 comments:

manuel "moe" g said...

I wish the Founding Fathers would have written into the Constitution that all matters of expenditures, entitlements, standing armies, bureaucracies, taxes, fees, borrowing, and servicing debt had to all settled as a single unit, and all resource allocations had to be stated as percentages of unity.

How convenient to over-allocate the money on Monday, borrow money for the shortfall on Tuesday, service debt on Wednesday, and neglect to raise taxes the whole rest of the week.

dhogaza said...

This i great ...

'Doctors from numerous hospitals set up a station near the Capitol to provide notes to explain public employees' absences from work. Family physician Lou Sanner, 59, of Madison, said he had given out hundreds of notes. Many of the people he spoke with seemed to be suffering from stress, he said.'

David B. Benson said...

dhogaza --- Thanks!