Another familiar but frightening call for intervention - modern positivism at its worse.
Excerpt:
The economic crisis has to be stabilized immediately. This has to be carried out pragmatically, without undue ideology, and without reliance on the failed ideas and assumptions which led to the crisis. Complexity science can help here. For example, it is wrong to speak of “restoring the markets to equilibrium”, because the markets have never been in equilibrium. We are already way ahead if we speak of “restoring the markets to a stable, self-organized critical state.”
Reading only the first few sentences told me that this kind of stuff can not help
If someone believes that the current crisis is based on speculation that has been unchecked by regulation it must be off the way. Regulation is the issue not the remedy.
Not reading the whole thing, as it’s likely to be time-wasting nonsense. It is correct that markets are dynamic and only tend towards equilibrium. It is sheer arrogance and stupidity to then assert some state must come and impose this “stability”, as though the market cannot do so itself.
