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05.21.09

Lords of finance

Posted in Critique of Evolutionary Economy at 9:15 pm by nemo

Slow tonight posting: I took time out to read Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed
I am short of time, so I read at high speed the last third of the book. Compelling. Will read the first two thirds soon, I hope. One might not agree with the author’s slant or conclusions (which are entirely reasonable and with no visible agenda) to say this is a useful and important read. We think we have learned, but haven’t learned, so one is still wandering in this labyrinth. I will leave it at that, for the moment, but insist that neoliberal economic theory and Darwinism are two related species of delusion and that latter may well do to modern civilization what bad economics did to economy. You can’t run a civilization for long on the the oversimplifications of Darwinian theory.
Physics, and its immediate flock, has prospered with theories, everyone else from biology onward has been misled and produced nothing but bad theories.
Last night’s post on laws, theories, social darwinism, and the oedipus paradox should bring the point home.

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