Options for Europe – Part 2
Great history review here by Bill. Much of the historical thinking he reviews held equally well for economic policy deliberations in the USA as well, and still does.
That history drives home the point that we should never let theoretical economists anywhere near national policy?
And we should also never let any single lobby, in this case banking, dominate policy?
Policy agility requires consensus? Otherwise, you end up with a constrained policy space. If populations could keep that simple idea in mind when approaching group policy, theoretical economists would be kept in check.
That history drives home the point that we should never let theoretical economists anywhere near national policy?
And we should also never let any single lobby, in this case banking, dominate policy?
Policy agility requires consensus? Otherwise, you end up with a constrained policy space. If populations could keep that simple idea in mind when approaching group policy, theoretical economists would be kept in check.
Coordinate narrow factions - ignorant by definition - through appropriate checks and balances? James Madison's anthropomorphic, 1776 summary of system science still awaits application of appropriately adjusted methods, for constantly changing situations.
To explore group options, we need far less discussion of theory, and far faster evaluation of new, more indirect methods?
For every intractable cultural task, there is a solution, and that solution will always involve invention of methods allowing yet another level of indirect, cultural adaptations?
To explore group options, we need far less discussion of theory, and far faster evaluation of new, more indirect methods?
For every intractable cultural task, there is a solution, and that solution will always involve invention of methods allowing yet another level of indirect, cultural adaptations?
Members of diverse system-science fields have been saying that for decades. Centuries, in some cases. Call it statistical process control, or ecology, or autocatalysis, or evolution. Call it what you want - even political economics - ... just DO something to adapt group methods at the same pace that change occurs? For Desired Outcomes to stay the same, EVERYTHING has to change? Constantly? To adapt to changing situations, we need citizens with situational awareness and the audacity to change anything that needs to change.
Can we please start retaining that simple fact throughout K-12 education? That's how we can damp the frequency of Ayn Rand acolytes (and sanity-lite's) like Paul Ryan, or 99% of our Congresspeople. They reflect our electorate, after all, which reflects the mal-adaptive operation of our K-12 school curriculum.
We as a people are what we let our Congress practice. And our Congress is what our citizens practice during training and education.
We as a people are what we let our Congress practice. And our Congress is what our citizens practice during training and education.
Bill writes:
ReplyDelete"The US government, in turn, agreed to convert US dollars into gold at a fixed price. The system collapsed in August 1971, after President Nixon suspended the convertibility of the US dollar into gold. This meant that national currencies were no longer associated with any gold backing. This shift established the era of fiat currencies, where there is no guaranteed convertibility into any other commodity (such as gold) and the currency is given legal status by dint of legislative fiat at the imprimatur of the national government."
This would be better phrased 're-established an era of fiat currencies' or "established the modern era of fiat currencies' or equivalent...
Here is Plato from 2300 years ago:
"Further, the law enjoins that no private man shall be allowed to possess gold and silver, but only coin for daily use, which is almost necessary in dealing with artisans, and for payment of hirelings, whether slaves or immigrants, by all those persons who require the use of them.
Wherefore our citizens, as we say, should have a coin passing current among themselves, but not accepted among the rest of mankind; with a view, however, to expeditions and journeys to other lands-for embassies, or for any other occasion which may arise of sending out a herald, the state must also possess a common Hellenic currency.
If a private person is ever obliged to go abroad, let him have the consent of the magistrates and go; and if when he returns he has any foreign money remaining, let him give the surplus back to the treasury, and receive a corresponding sum in the local currency." Plato "Laws" c. 360BC
And Aristotle a bit later here:
"Nomisma by itself is a mere device which has value only by nomos (law) and not by nature; so that a change of convention between those who use it, is sufficient to deprive it of value and its power to satisfy our wants." — Aristotle, "Politica."
"By virtue of voluntary convention nomisma has become the medium of exchange. We call it nomisma, because its efficacy is due not to nature but to nomos (law), and because it is always in our power to control it." — Aristotle, " Ethica."
So this is AT LEAST 'Round 2' for we in the west and our use of fiat currencies imo...
Hope it sticks for good this time...
rsp,