died in 2010 two visionaries of the economy, for many years, had warned of the risk of certain economic behaviors, just when we face situations that can not be measured in terms of probabilities statistics. Sometimes the risk is too costly to undertake, however small the probability of occurrence, sometimes simply have no criteria to control a situation.
Maurice Allais, Nobel Prize in Economics in 1988 was one of those economists who in his long life he warned of the dangers of globalization for their ability to transfer problems to other economies. Shortly before the beginning of this crisis wrote: "The entire world economy rests on gigantic pyramids of debt which support each other in a fragile balance. Never have we had such potential instability and the threat as clearly a general chaos." Like almost all large Allais was a multifaceted one: history and physical as well as economic. He was always at the root of the issues and noted that it is in human nature make irrational choices, and therefore decisions should be taken in well-constructed institutions. In 1990 he opposed the euro because he saw something risky while Europe did not have a fiscal and political union stronger.
The other deceased is Benoît Mandelbrot, a mathematician known for his geometric, psychedelic structures whose beautiful and inspired a whole generation. Like no other, Mandelbrot realized from the 60 on the risk and uncertainty in the markets, its newest book The misbehavior of markets: a fractal view of risk, ruin and profit. Years ago we refer to it in this newspaper when in Andalusia were suffering a severe drought, as opposed to the idea that the economy and nature are cyclical and tend to balance, Mandelbrot shows that there are periods where the events and markets behave potentially, an improbable event follows another, and instead of balance lead to disaster. Unfortunately we have come up with the drought and the floods, as now, against all odds, succeed episodes of very strong rain. In summer, who would decide to desembalsando water-so scarce for us, in anticipation that it will give late autumn rains that forced desembalsando at the wrong time?
Speaking of living 100 years ago Ronald Coase, Nobel Prize in Economics in 1991, who has dedicated his life to wonder about the nature of the company, which is to inquire into the nature and human behavior. And for his contribution to the technology practice of business decision making with risk and uncertainty, the economist, mathematician and businessman Ramon Trias Capella has been named Entrepreneur of the Year in Catalonia. All of them, dead or alive, are proof that although we do not know much about economics, is the view of some and the questions posed, which is useful for moving forward, groping, the uncertainty. Gumersindo
Maurice Allais, Nobel Prize in Economics in 1988 was one of those economists who in his long life he warned of the dangers of globalization for their ability to transfer problems to other economies. Shortly before the beginning of this crisis wrote: "The entire world economy rests on gigantic pyramids of debt which support each other in a fragile balance. Never have we had such potential instability and the threat as clearly a general chaos." Like almost all large Allais was a multifaceted one: history and physical as well as economic. He was always at the root of the issues and noted that it is in human nature make irrational choices, and therefore decisions should be taken in well-constructed institutions. In 1990 he opposed the euro because he saw something risky while Europe did not have a fiscal and political union stronger.
The other deceased is Benoît Mandelbrot, a mathematician known for his geometric, psychedelic structures whose beautiful and inspired a whole generation. Like no other, Mandelbrot realized from the 60 on the risk and uncertainty in the markets, its newest book The misbehavior of markets: a fractal view of risk, ruin and profit. Years ago we refer to it in this newspaper when in Andalusia were suffering a severe drought, as opposed to the idea that the economy and nature are cyclical and tend to balance, Mandelbrot shows that there are periods where the events and markets behave potentially, an improbable event follows another, and instead of balance lead to disaster. Unfortunately we have come up with the drought and the floods, as now, against all odds, succeed episodes of very strong rain. In summer, who would decide to desembalsando water-so scarce for us, in anticipation that it will give late autumn rains that forced desembalsando at the wrong time?
Speaking of living 100 years ago Ronald Coase, Nobel Prize in Economics in 1991, who has dedicated his life to wonder about the nature of the company, which is to inquire into the nature and human behavior. And for his contribution to the technology practice of business decision making with risk and uncertainty, the economist, mathematician and businessman Ramon Trias Capella has been named Entrepreneur of the Year in Catalonia. All of them, dead or alive, are proof that although we do not know much about economics, is the view of some and the questions posed, which is useful for moving forward, groping, the uncertainty. Gumersindo
Ruiz.
(Grupo Joly 28/12/2010)
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