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Economics Is Not a Natural Science |
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Topic: Society |
8:12 am EDT, Sep 9, 2009 |
Douglas Rushkoff: We must stop perpetuating the fiction that existence itself is dictated by the immutable laws of economics. These so-called laws are, in actuality, the economic mechanisms of 13th Century monarchs. Some of us analyzing digital culture and its impact on business must reveal economics as the artificial construction it really is. Although it may be subjected to the scientific method and mathematical scrutiny, it is not a natural science; it is game theory, with a set of underlying assumptions that have little to do with anything resembling genetics, neurology, evolution, or natural systems.
George Dyson: How to best transcend the current economic mess? Put Jeff Bezos, Pierre Omidyar, Elon Musk, Tim O'Reilly, Larry Page, Sergey Brin, Nathan Myhrvold, and Danny Hillis in a room somewhere and don't let them out until they have framed a new, massively-distributed financial system, founded on sound, open, peer-to-peer principles, from the start. And don't call it a bank.
Benjamin Friedman: It is time for some serious discussion of what our financial system is actually delivering to our economy and what it costs to do that.
Nathan Myhrvold: I was describing this to a friend over lunch in Palo Alto. As I was describing this the waiter came up behind me to take our order. I was in the middle of saying "it's very hard to enter the rectum, but once you do things move much faster", only to hear the waiter gasp. Whoops. I tried to explain saying "well, this is about" but with a horrified look he said "I do NOT want to know what this is about! Some people are just not interested in natural history, I guess.
Stewart Brand: In some cultures you're supposed to be responsible out to the seventh generation -- that's about 200 years. But it goes right against self-interest.
John Cochrane: It is very comforting in times of stress to go back to the fairy tales we heard as children, but it doesn't make them less false.
Economics Is Not a Natural Science |
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