Coping with turbulence:: more theories and maths?
Thursday, 5 July, 2012 Leave a comment
Isn’t it time to review our theories on economics, to see them in a radically different light? What lessons are we learning from this and other crises, if any at all?
“…how can you run and govern a fuzzy, chaotic and increasingly complex system of planetary proportions that cannot be embraced by contemporary mathematics? And without one central government. While this does not pretend to be a complete recipe, we may do the following:
Since complexity is growing fast, and because excessive complexity is the source of fragility, we should start monitoring complexity at all scales and wherever possible”:
financial products (derivatives in particular)