Largely a repeat of his books but interesting in context of the last few days/weeks/months. The Fourth Quadrant: A Map of the limits of Statistics.
Tags: finance, statistics
« Ballard real estate
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« Ballard real estate
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» Recent photos from North Korea
finance
NNT on current financial crisis
09.17.08 | 2 Comments
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He praises redundancy and bad-mouths efficiency. Sounds like an ecologist. I think this is heresy to mainstream economics. It certainly speaks against globalization. Can a free market be reconciled with redundancy? Doesn’t a free market select for efficiency (and size)?
it was heresy until Bear, Lehman, AIG and about $1 trillion in market value went poof.
One of his big points is that the flaw in capitalism is too much efficiency. Investment banks (and their execs) make $$$ for years and years until (poof) all the money ever made by banking in history disappears. Meanwhile the execs that build in efficiency lose market share and get fired.