You folks ought to be publishing popularized thoughts on this topic pointing out the relevance of KM. A friend reminds me we have some kind of financial debacle about every five years now (D^squared mentioned this too).
In the same vein, is there some or a couple of dominant neo-classical theories purporting to explain crises? The principal 1930s depression explanation -- a gigantic monetary policy mistake(s), maybe combined with budget austerity -- seems to be historically specific. When the system breaks down, all of a sudden mainstream economic theory gets anecdotal.
On Thu, Oct 9, 2008 at 5:02 AM, Gernot Koehler
<gko15@xxxxxxxxxxx> wrote:
My humble introductory text on global economics includes a diagram showing three interrelated circuits (circulatory systems) of the global economy, namely, a material flows (environmental) circuit, a goods, services and employment (real markets) circuit, and a financial circuit. Applied to the present crisis, one can observe that the screw-up in the global financial circuit affects the global real market circuit (e.g., IMF prediction of global slowdown). Further, one can observe that the present financial crisis, if it leads to a stagnation of global GDP growth, is good for the material flows (environmental) circuit, insofar as a stagnation of global GDP growth means less waste of natural resources and less destruction of the environment. (blue tears, green cheers)
Gernot
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