Re:Harvard Economist Is Trying to Kill Cash
by SomeStupidPoint on Saturday September 10, 2016 @08:58AM
(#12468979)
The list of reasons he thinks it's a good idea reads like a list of reasons I think it's a bad idea. Strange how differently people think we should organize society, though I'm not surprised that someone so involved with the system believes that the system should be given considerably more power.
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Re:Harvard Economist Is Trying to Kill Cash
by fixxer on Saturday September 10, 2016 @09:03AM
(#12468996)
I've met a lot of academics that think like this. I find them terrifying in their inability to recognize adverse feedback loops. I'll keep my paper, thank you.
Re:Harvard Economist Is Trying to Kill Cash
by adevine on Saturday September 10, 2016 @09:09AM
(#12469021)
Reminds me of the Euro. Was blessed as such a grand simplifying project by academics and technocrats in the late 90s, and critics were often dismissed conspiracy theorists.
Re:Harvard Economist Is Trying to Kill Cash
by digi_owl on Saturday September 10, 2016 @09:19AM
(#12469047)
Various people still love the Euro. Mostly though it is those that can pack up their laptop and credit card and work from anywhere with a internet connection. Oh and the businesses trading across EU's internal borders.
The crazy part is how those nations with the biggest problems right now are those that followed the Euro requirements most closely. While the biggest offender is the one swinging the punishment stick...
Re:Harvard Economist Is Trying to Kill Cash
by digi_owl on Saturday September 10, 2016 @09:15AM
(#12469039)
Economists in particular seems to have a willful blindness to feedback loops.
Re:Harvard Economist Is Trying to Kill Cash
by pdkl95 on Saturday September 10, 2016 @09:20AM
(#12469049)
"Understanding economics well impedes an understanding the economy." -- Yanis Varoufakis
Re:Harvard Economist Is Trying to Kill Cash
by Noseshine on Saturday September 10, 2016 @09:33AM
(#12469100)
Well-known economist (public speaker and author) Ha-Joon Chang [0] says something very similar, here is the "RSA animate" short version: https://www.youtube.com/watch?v=NdbbcO35arw
My version: The deeper you go with your models the more you lose sight of the big picture, until you end up with crazy sophisticated mathematical models - that don't model reality (meaning not even relevant reality, apart from small well-defined sub-problems).