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But it's all always whack-a-mole: the system has to constantly adapt to technological innovation. This is the current problem with a lot of our systems - we design institutions in 1710 or 1810 or 1910 or 2010 and we expect it to not need changing in pretty fundamental ways as the world changes.
by Colman (colman at eurotrib.com) on Mon Apr 26th, 2010 at 12:31:25 PM EST
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technological innovation and unexpected or expected results of long-term iterations.

In this case, perhaps the tree of credit needs to be periodically watered with the blood of rating agencies.

by Colman (colman at eurotrib.com) on Mon Apr 26th, 2010 at 12:32:39 PM EST
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Yes, adaptation is an inherent element, which is the main argument against Krugman's thesis of "idiot-proofing" the system instead of relying of skilled actors.  (I tend to support Krugman on this, however, but there is a valid counter-argument to his case.)
by santiago on Mon Apr 26th, 2010 at 01:01:50 PM EST
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