"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?"

Friday, September 9, 2011

Texas Pics


The consistently remarkable "The Big Picture" photo site at boston.com has a series of pictures of the drought and fires in Texas.

3 comments:

D.J. Andrews said...

Wow! Haven't seen similar pics since the 2003 BC fires and 2004 BC, Yukon and Alaska fires.

Steve Bloom said...

OT: Michael, recalling the discussion here a couple months back of to what extent one should be confident in Obama's ability to get things done in the current political climate, this is the sort of thing I was expecting. You?

David B. Benson said...

But in Virginia...