William Davies: In your speeches, you draw on economic history, on political economy, complexity theory and recent developments in economic methods. Could you say a little bit about how you came to have such a multi-disciplinary perspective? Is it a deliberate strategy on your part and what are you trying to achieve with that?
Andy Haldane: Looking back at the way my thinking has been moving over the last few years, the stories I’ve been telling have been in the spirit of evolutionary economics. Questions such as – why is it that we found ourselves traversing along this or that path, for the economy or the financial system? Usually, if you can explain why it is we’re on that path, it gives you some reasonable insight as to what behaviours were driving it and how you might need to alter those behaviours to get on a different path. My proposed stories about the crisis were not that behaviours were driven by stupidity or wickedness, but rather that the rules of the system had been designed in ways that may have made sense individually, but the actions of those individuals and institutions were added up, it made for a system that did fairly crazy things.Our Kingdom | Power & LIberty in Britain
'Central banks should admit their mistakes': an interview with the Bank of England's Andy Haldane
William Davies and Andy Haldane
(h/t INET)
William Davies and Andy Haldane
(h/t INET)
2 comments:
Haldane seems like a decent and thoughtful enough bloke, but this statement sort of stood out as symtomatic for me:
AH: The Bank is being endowed with extra powers. They’re being invested in it via parliament, which is absolutely right and proper, and the only way it can happen.
It's the old story of neo-liberalism. When the ideology fails to deliver the politicians take the heat and the central banks and bankers come out with more power and independence and the pols seem happy to abdicate their powers and responsibilities. I don't get it. Why do all these guys still have jobs? Its great that they're doing some soul searching, but I can think of a few other places they could be doing that: in a prison cell, in retirement, on sabbatical. Get the hook, let's bring in some new blood. All the navel gazing in the world isn't going to change anything if there are never even slightly painful consequences for being at least wrong, if not negligent, criminal, etc.
Right David,
Over here when you watch the Congressional testimony by Bernanke you can just see the desperation in the faces of the pols, like they are saying "c'mon Ben come up with something we're dying up here!"...
I look at it as an abdication of their authority. They work so hard to obtain these positions of authority and then when they get there, they immediately surrender it: "we're out of money!". This is irrational.
I'd surmise no one in authority during Rome's glory days ever thought this way....
This has Libertarianism at it's core imo. These people are over the top with their Libertarianism.
Then so are the voters where you have both Libertarians of the right and left, and they dont get rid of them because what is required is a swing away from this Libertarianism... then we have the "Statue of Liberty" here right when you come into New York, this thing was sent over from mainland Europe... a pagan-like goddess, very dark.
The topic is always about Liberty whether from the left or right.... what happened to righteous authority? It seems like it is gone from the scene at present.
Rsp,
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