Economics of Knowledge And Social Intelligence
Puzzling Complexity The global financial architecture is very complex. Despite increasing liberalization of financial markets, increased system risk and integration of the economies through the financial markets in the last 30 years, there is no single World Financial Authority regulating … Continue reading →
22. April 2008 by kasi
Categories: Memo |
Tags: bcbs, bis, central banks, contagion, currency crisis, exchange rates, finance ministers, financial architecture, financial regulation, g7, hedge fund, imf, international monetary fund, John Eatwell, john maynard keynes, Kern Alexander, kyoto, lender of last ressort, liquidity crisis, Rahul Dhumale, soft law, systemic risk, world bank, World Financial Authority, world trade organization, wto |
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The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.
— John Maynard Keynes
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