Economia
".. The upright pencil is in what’s called unstable equilibrium, a state of being that can exist if unperturbed, but that will change rapidly if given the tiniest shock from the physical world. By contrast, a pencil lying on its side is in stable equilibrium....
Outside economics, in areas such as meteorology, the biggest shift in scientific thinking of the last 50 years has been the movement to understand “out of equilibrium” systems...
More technically, we could say that the atmosphere is prone to positive feedbacks, which prevent it from settling into a nice equilibrium. As humans, we’re terrible at imagining how such processes work. Take a piece of paper and fold it, and then take that doubled paper and fold it again, and then again, 30 times in all. Actually, don’t waste your time. You’ll find you can’t do it because the result, if you did, would be about 70 miles thick. This is the power of positive feedback: Each step not only makes things bigger, but also makes them bigger more quickly. This leads to consequences far beyond our expectations...
In one form or another, positive feedback lies behind almost everything that makes our world rich and surprising, changeable and dynamic, lively and unpredictable. It makes seeds sprout and grow into trees, matches burst into flame, and single cells divide and proliferate into living, thinking human beings. It drives political revolutions and new religions. Yet outside of these areas, an intellectual blind spot to the power of positive feedbacks still holds us back. Nowhere is this truer than in the science of human systems, in social science, and especially in economics and finance.
We’ll never understand economies and markets until we get over the nutty idea that they alone -- unlike almost every other complex system in the world -- are inherently stable and have no internal weather. It’s time we began learning about the socioeconomic weather, categorizing its storms, and learning either how to prevent them or how to see them coming and protect ourselves against them.
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- An African Nobel Prize Winner In The Making?
One can recognize the mark of a genius in the work of the Zambian economist and social philosopher Siize Punabantu. I want to share with y’all the abstract of his new masterpiece, The Origin of Wealth. What is wealth? This paper proposes wealth and...
- O Futuro Da Ciência Econômica
Teaching Economics After the Crisis Teaching Economics After the Crisis: Report from the Steering Group In the April 2012 Newsletter, Diane Coyle reported on a conference sponsored by the Bank of England and the UK’s Government Economic Service...
- Como Funciona Os Moderno Sistema Monetário?
Grande vídeo documentário que presenta "... serious research and verifiable evidence on our economic and financial system. This is the first documentary to tackle this issue from a UK-perspective and explains the inner workings of Central...
- O Estado De Bem-estar E Inovação
Cant We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World Daron Acemoglu MIT James A. Robinson Harvard Thierry Verdier Paris School of Economics September 2012. Abstract Because of their more limited...
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Faleceu Michio Morishima The Econometric Society announces with sadness the death of its former president Michio Morishima (1923-2004). Professor Morsihima principal economic interests were in general equilibrium theory, the history of economic...
Economia
Economia fora do equilíbrio
The Insupportable Equilibrium of Economic Thought
Outside economics, in areas such as meteorology, the biggest shift in scientific thinking of the last 50 years has been the movement to understand “out of equilibrium” systems...
More technically, we could say that the atmosphere is prone to positive feedbacks, which prevent it from settling into a nice equilibrium. As humans, we’re terrible at imagining how such processes work. Take a piece of paper and fold it, and then take that doubled paper and fold it again, and then again, 30 times in all. Actually, don’t waste your time. You’ll find you can’t do it because the result, if you did, would be about 70 miles thick. This is the power of positive feedback: Each step not only makes things bigger, but also makes them bigger more quickly. This leads to consequences far beyond our expectations...
In one form or another, positive feedback lies behind almost everything that makes our world rich and surprising, changeable and dynamic, lively and unpredictable. It makes seeds sprout and grow into trees, matches burst into flame, and single cells divide and proliferate into living, thinking human beings. It drives political revolutions and new religions. Yet outside of these areas, an intellectual blind spot to the power of positive feedbacks still holds us back. Nowhere is this truer than in the science of human systems, in social science, and especially in economics and finance.
We’ll never understand economies and markets until we get over the nutty idea that they alone -- unlike almost every other complex system in the world -- are inherently stable and have no internal weather. It’s time we began learning about the socioeconomic weather, categorizing its storms, and learning either how to prevent them or how to see them coming and protect ourselves against them.
Mais
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- An African Nobel Prize Winner In The Making?
One can recognize the mark of a genius in the work of the Zambian economist and social philosopher Siize Punabantu. I want to share with y’all the abstract of his new masterpiece, The Origin of Wealth. What is wealth? This paper proposes wealth and...
- O Futuro Da Ciência Econômica
Teaching Economics After the Crisis Teaching Economics After the Crisis: Report from the Steering Group In the April 2012 Newsletter, Diane Coyle reported on a conference sponsored by the Bank of England and the UK’s Government Economic Service...
- Como Funciona Os Moderno Sistema Monetário?
Grande vídeo documentário que presenta "... serious research and verifiable evidence on our economic and financial system. This is the first documentary to tackle this issue from a UK-perspective and explains the inner workings of Central...
- O Estado De Bem-estar E Inovação
Cant We All Be More Like Scandinavians? Asymmetric Growth and Institutions in an Interdependent World Daron Acemoglu MIT James A. Robinson Harvard Thierry Verdier Paris School of Economics September 2012. Abstract Because of their more limited...
-
Faleceu Michio Morishima The Econometric Society announces with sadness the death of its former president Michio Morishima (1923-2004). Professor Morsihima principal economic interests were in general equilibrium theory, the history of economic...