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... Unfortunately, we have poor intuition about such complex systems. And yet we have to come to grips with them if we ever hope to understand, with mathematical precision, such issues as cancer, climate change and, yes, the workings of the real economy. All of these are obviously far more complicated than Phillips's cartoonish caricature, with its mere handful of pipes and valves, but still, the family resemblance is unmistakable. In an earlier time scientists were content to break problems into smaller and smaller pieces and study the individual parts. Reductionism, as the strategy is known, makes good sense. The hope was always that once you figured out how the components behave, it should be possible to put them back together to make sense of the original ensemble. But only rarely has this dream come to fruition, and in too many cases reductionism became an end in itself. ...
In an earlier time scientists were content to break problems into smaller and smaller pieces and study the individual parts. Reductionism, as the strategy is known, makes good sense. The hope was always that once you figured out how the components behave, it should be possible to put them back together to make sense of the original ensemble. But only rarely has this dream come to fruition, and in too many cases reductionism became an end in itself. ...
See it in action, click on the above image, or here is another YouTube video:
Truth unfolds in time through a communal process.
I have a suspicion it used to leak.
McRobie was given a grant from Nesta - the National Endowment for Science, Technology and the Arts - and spent a summer on the restoration project. The only difference with the original is that McRobie has dispensed with the cochineal because it would stain the Perspex. "Everything was in the wrong place. It had been here since the 1950s but everything was connected wrong. I had to work out what he was trying to do. Economics is run by people who didn't understand it."
(my bold) Any idiot can face a crisis - it's day to day living that wears you out.
The economist said that it was at that point that the machine fell out of favour and the UK economy had a crisis. keep to the Fen Causeway
The real problem would probably lie in updating the model to accommodate the international nature of corporations and the fragmented regulatory structure of the current situation. Such an attempt would likely reveal several interesting problems, including vulnerability to positive feedback resulting in crashes due to unsustainable demands. As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
It would only take a day or two to code this in Flash with some cool graphics and a comedy music bed.
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