Another interesting article - from a 0.1%er. Sounds like hes read Galbraiths The Affluent Society - which I doubt economics teaches (or Schumachers Small is Beautiful for that matter). They certainly dont teach philosophy, history, or the sociology of power. Societies (of which economies are a part) are complex adaptive systems feeding back in complex ways with unpredictability wrapped up in them. Like ecosystems, or - more correctly - socio-ecological systems, they tip over cascades. Perpetual equilibrium is a complete myth . They are not mechanical with perpetual motion and nice predictable quantitative linear feedbacks (eg lower wages = more jobs). Love this quote: Revolutions, like bankruptcies, come gradually, and then suddenly. One day, somebody sets himself on fire, then thousands of people are in the streets, and before you know it, the country is burning. And then there’s no time for us to get to the airport and jump on our Gulfstream Vs and fly to New Zealand. That’s the way it always happens. If inequality keeps rising as it has been, eventually it will happen. We will not be able to predict when, and it will be terrible—for everybody. But especially for us. New Zealand? Is he kidding? Someone better tell him were not immune to this madness. 😊
Posted on: Sun, 29 Jun 2014 09:43:20 +0000
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