Wednesday, 5 November 2008

Postmodern economics

I was chatting to an arts graduate friend recently and I threw in the phrase “postmodern economics” and how I thought it was an important thing to understand. This phrase provoked an amused laugh, with my friend denying that such a thing was even possible. I didn’t follow up on this one too much, as economics tends to scare artsy-type folk. (Though Complicite have shown that you can even present high level maths to an arts audience and if done right, they'll swallow it.)

So it was interesting to come across this rather fantastic New Yorker article which manages to also talk about postmodern economics, and has a good stab at applying Jacques Derrida to high finance. It’s great stuff for all you postmodern economics types (ie all of you!).

Meanwhile, the New York Times takes a less theoretical (but just as postmodern) take on mechanics and economics. It echoes some of my own ideas, which one day I'd love to write about in more detail. In a nutshell, my theory is the credit crunch explodes the modernist over-reliance on numbers and rigid models, so opening the way for a postmodernist analysis to emerge. In this, Taleb and Kay are already working out some patterns.

1 comment:

Anonymous said...

The transitional period will see more data and analysis. Michael Lewis chronicled the story of some smart guys who made the sloppy work of others pay big time.

Regards CactusMitch