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Sunday, September 14, 2008

Major Financial Innovation, Major Financial Dislocations: What to Do?

Today's Buggy Topic

No need for an elaborate introduction to today's bugged-out commentary --- on the major financial innovations in the world, especially the USA since 1980, many of which have helped the US make a quick transition from an industrial manufacturing country to a knowledge-based economy, which produces information- and idea-laden products.  Yet, simultaneously, many of which have produced one financial excess and economy-wide dislocation after another . . . requiring, to boot, government intervention to stave off a giant collapse of the entire financial system.

Click here for the buggy analysis, left at the Marginal Revolution . . . a ranging and intelligent web site run by Professor Tyler Cowan of George Mason University, the new citadel of libertarian thought: with a N.Y. Times article by Cowen the stimulus to the thread at his web site where prof bug left his lengthy comments.  Those comments finishing, as you'll note --- in a typical buggy manner --- on an effort to tease out the political implications of his analysis.