Raj Patel

Moral: Wherein we consider another for whom the sirens, related to the big chimera, have no hold. These are the 'real' kings (as opposed to the interlopers, supposed the new royalty, who are ruining everyone's world) and who allow us to hope that we can develop the real backbone of the economy which is necessary for our future and that of our progeny.

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This time it is Raj Patel who did get his Master's indoctrination at the London School of Economics.

It was a real treat to run across Raj's notions, albeit that I learned of his work via a recent New Yorker article. How did I miss out before?

Raj's take on matters, economic and otherwise, comes the closest to understanding the realness of 'near-zero' than any that I have seen so far.

The question of how we got into this mess is partly answerable. The solutions for improvement of our situation are not (cannot be) easily grasped.

But, becoming aware of the true state of the problems is the first step. So, hopefully Raj stays the course.

Remarks:

12/05/2010 --

Modified: 12/05/2010

Von Mises and friends

Moral: Wherein having mentioned, several times, the Vienna School (also, known as the Austrian School) which is continental, how could we avoid specific reference to Ludwig (and John and Friedrich)?

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As in Ludwig Von Mises and his prolific writings. Reading 'The Elite Under Capitalism' would be a good start (we looked at his money work earlier).

I like how he calls the elite to task; yet, one has to look at several things. For instance, what would be 'elite' (as in, best-and-brightest? -- they offer the masses a preferred moral code?). What are these ideals to which the elite would lead us (greed? massive accumulations -- $1B house (as in Mumbai) looming over a vast expanse of slums -- or, gigantic yacht of immense proportions that is for anything but show?)?

Wait! do I smell big T-issues looming? Perhaps not, as we can be reasonable for a little while, can we not?

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When we brought in the Vienna School, there was one main factor. They do know what lies behind the mathematical facade. Why facade? What we see now is a large system, built upon the quaking basis of computation (we'll get to Church-Turing, in a bit).

Then, upon this shaky framework, we want to built an automated economy (virtual money, to boot, printable ad infinitum) that is wide-spread in many, and disparate, directions using colonialistic mindsets without regard to the neighbors in ones' own locale?

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As an aside, Ron Paul is featured in The Atlantic as saying that he was epiphany'd by the writings of Hayek who was a disciple of von Mises. That epiphany was a while ago. Now, the tea party, and other perturbers, have taken ahold of the guy's ideas thanks to Glenn Beck's reference to Friedrich (see 'The Road to Serfdom', for one).

No one wants a top-down power structure to be there for all aspects of life. The military life is top-down, yet those who rise come through the ranks. And, no one at the top tries to run things in a micro-managed sense, as if driving robots. That was tried in the past a few time enough for us to know its failings.

Yet, how do you keep free agency from devolving into anarchy? That is, what is there that would keep things under civil limits? The big question for libertarians.

A parallel in project/program management has been mentioned in this blog, and in related blogs, namely middle-out. Business is top-down, as we see the King CEO. Too, though, what CEO actually does any real work?

Not!! Good companies try to elicit good work from happy employees. How many succeed?

Yes, these are not easy issues, folks, but we'll continue in our own vein and time to discuss the underlying factors with the idea to eventually fruit results.

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As you see, what is the middle-out for the economy? Not Adam's 'hand' and not Stalin's 'fist' and not Big Ben's chimera and ...

Do you think that the Tea Party really has resolved the issues in their pullback in abhorrence from anything Keynesian? Of course, John Maynard came from the Neville line; nice of him to think so fondly of the little people. At least, he wasn't greed'd out as we see with the modern capitalists (in name only).

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So, we'll look at Ludwig's thinking as we go along. And, we'll look at him with a kind eye, probably kinder than he would has cast'd at the viewpoint being developed here.

• von Mises in a letter to Ayn Rand (emphasis mine): You have the courage to tell the masses what no politician told them: you are inferior and all the improvements in your conditions which you simply take for granted you owe to the efforts of men who are better than you.
• You want to know the irony? Listen up, CEOs, et al. This is how your working class, especially those of highly advanced education, think of you and your infantilish idiocies.

Gosh, was that fun or what?

Remarks:

03/23/2012 -- Renewal of the idea (and related energies) via Cooper and CiE.

04/03/2011 -- Need to look at some background. Too, tranche and trash.

11/21/2010 -- Three years ago, it was said: Computational foci raise miraculous need. Still applies.

11/03/2010 -- A big oops is emerging from the decimation of proper economic thinking through appeal to the higher-order thinking of the elites.

Modified: 03/23/2012

Perelman's lesson

Moral: Wherein we consider that there are those for whom the sirens, related to the big chimera, have no hold. These are the 'real' kings (as opposed to the interlopers who are ruining everyone's world) who allow us to hope that we can develop the real backbone of the economy which is necessary for our future and that of our progeny.

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In this day, when the www allows unconscionable exposures to the trivial, via means like twitter, we have a phenomenon like Grigori Perelman to ponder. Not only did he do work for the ages, his sense of justice is remarkable.

As said before, monkeyed up mathematics, abetted by the computer, has wrecked havoc through things like 'quant' views that are rampantly being imposed everywhere.

Yes, folks, we have allowed a type of idiocy to be superposition'd over ourselves in a mode that is accelerating quickly. Characterizing this, for the means of understanding and for the purpose of managing (that is, growing up beyond the diaper'd (yes, many CEOs and their ilk) set), seems (ought?) to be a topmost priority.

Remarks:

05/08/2013 -- We'll get back to the topic of misuse but, for now, consider this. If there is such effort and resource needs for proofs (CACM April, 2014 - we'll get back to this more fully), how can the cowboys be comfortable with the spawning systems willy-nilly upon the hapless populace? Oh, of course, money as the motivation (and principle means of measurement). God help us.

04/20/2011 -- Simple living (see Remarks 04/15/2011 - game theory), as opposed to greediness.

04/04/2011 -- Need to look at some background.

03/17/2011 -- On the rise of the professional politician (will there ever be the citizen polico? that is, those who do not salivate when a buck is passed beneath the nose) toward robber barony. The M & Ms are apropos. As well, need to bring in Schervish's viewpoint.

01/03/2011 -- Ah yes, now there are demands. The question remains: what growth other than the pockets of these types?

12/05/2010 -- Raj Patel has the proper grasp on the 'financial madness' that is threatening us.

08/30/2020 -- Can't blame Ben for liking Jackson Hole. But, those driving our money systems need to take a vow of simple living.

07/02/2010 -- Remember, our bane: politicos, and some economists, are those who salivate when a buck is passed beneath their noses. Let me have 10 Grigoris, and we would put the proper foundation beneath the economic reality.

Modified: 05/08/2014

Grandsons of Samuelson

Moral: Wherein, we remember Paul Anthony Samuelson, the Nobel-winning, and highly influential, Economist.

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Business Week (12/26/09 & 1/4/10) asks, 'did the followers go astray?' which references a forthcoming paper, Sins of the Sons of Samuelson (PDF at Wellesley, David Colander and Casey Rothschild).

As the adage goes (Biblical origin), the sins of the fathers are visited upon the sons. Well, hopefully, the next generation can take a re-look, even if it is done autodidact'dly.

It has been said before that we're suffering from the over-exuberances that computational prowess brought forth and sustained over the last part of the 20th and the early part of the 21st centuries. Perhaps, we can now take an assessment and be a little wiser going forward (idiocies abound, even those of a highly mundane nature). And, it's not an issue of which side of the pond anymore with the rising of those over the bigger pond being a much larger factor.

In this case, perhaps, we can exonerate Mr. Samuelson and blame the followers. Computation is much different than in his day. That Quants have run wild is only loosely associated with his work.

He, though, is one who worked to get the genie out of the bottle. Can we get it back under control?

Well, we'll continue to consider these types of question, especially as we all share the pains when the economy is malfease'd.

Remarks:   Modified: 01/15/2015

12/29/2009 -- Is the uber-Nerd a son? Also, Paul Krugman says that the 00s were a big zero; well, let's introduce him to near zero. The sons need to realize that gains must have a substantial basis, as in being 'real' and beyond mere model-mania.12/15/2012 -- Coase, on the subject.

02/10/2010 -- We could probably use the auto (and recent events) as a way to characterize the concepts of the blog. Of course, we have the value versus quality mis-think as part of the problem. Business Week reports that Toyota was asking suppliers for a 10% cut. Well, such scrimping would have an effect, even if it was only in looks. However, cutting into the life of a system may appear smart but, actually, relies on the same unstable basis as does a lot of economic thinking.

05/07/2010 -- Out of control, essentially, and not healthy for the backbone.

05/25/2010 -- Who will (or can) lead out of the morass?

01/27/2011 -- The chimera shines.

05/28/2011 -- Lemons problem, dark pools, ... Oh, so much to look at! Avatars, too.

03/23/2012 -- Renewal of the idea (and related energies) via Cooper and CiE.

12/03/2013 -- In a Fortune talk with Larry Summers, there is a mention that he is a nephew of Samuelson. So, that is great to know, as it'll allow some discussion of gene/meme issues (actually, the blogger has been working this topic in another milieu; Ben's thoughts on the failings of meritocracy ought to bring it back to fore here). Too, Larry was in charge when the Glass-Steagall restrictions were relaxed so that the big boys could then play wildly and mess up our banking system. Thanks, Larry. Good to know that he was one of the players in that bad choice. You see, the pusher of rationality had a bit of irrationality; well, was that not a sign of the times?

12/06/2013 -- If only Ben would put a shot across the bow. He's helped the chimera unfold in unhealthy ways. He could, at least, say a mea culpa.

02/26/2014 -- Acknowledgements for Lucio Arteaga.

01/15/2015 -- At last, a series that will establish the basis and extensions, as required. We are going to go back to some simple and come forward to the modern, complicated economy. Why? My long chain of ancestors (inherited via Prof. Lucio Arteaga) is one motivation.