McAlvany Financial: Richard Bookstaber - People Cannot Be Controlled Like Automatons, Thus Crises Repeat
There have been environmental studies that show that wolves indirectly affect the flowing of rivers. It demonstrates that just by being there, the interaction of wolves with the environment causes the environment to change, and thereby the wolves change too. It is a social form of ping-pong, where one changes the other, and the other changes the one in return as part of a semi-cycle. In the process, new forms of life and interaction are created as a result.
In this excellent (yet deep) interview, Richard Bookstaber reveals that the economy is much like that river, and people are like the wolves. As a result, you cannot predict the flow of the economy using equations. Mathematics only deals with the numbers it is given; it does not predict the "new life" that forms around the interactions between humans and the economy.
Please comment, upvote, follow, and resteem my content. 😁👍
You can also find me at Facebook, here!
Subscribe here to my YouTube channel!
To Donate BITCOIN, Here's My Bitcoin Address: 1GPJyQSjBkSnuQ2bmgaq4LtphfEUyxwnG9