we are all in the gutter, but some of us are looking at the stars

Friday, 31 October 2008

The Economic Meltdown

I have spent the last week listening to podcasts from the BBC featuring economists, not so much disappointed at the recent meltdown, but who seem thrilled at these exciting events which have turned the global spotlight on their once-obscure theorizing, and transformed them from the "chartered accountants" of Monty Python to pioneers in a field that is undergoing a "scientific revolution", as one economist put it.
I must admit, until recently, I have taken as little interest in the economy as everyday living will allow, cringing at the brief mumblings about how many points each company has lost or won that interrupts what is otherwise a perfectly enjoyable six o'clock news. I still have no clue what in the world they're on about. But I must say, behaviourist economics, happiness economics, networking economics... they are simply fascinating! It seems to me that as soon as economists break away from the traditional, and obviously false, assumption that consumers are perfectly informed machines making rational decisions, a much more lively subject emerges.
I do suggest listening to the BBC podcasts on the subject. Fascinating.

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