Jun 19
2009
Finance Fail FAIL
In case you're playing along at home, looks like Paul Krugman responded to the Duncan Watts article I posted about yesterday. Though he doesn't call out or link to the article, he pretty much shits on Watts' main thesis: "So I think of the pursuit of a world in which everyone is small enough to fail as the pursuit of a golden age that never was. Regulate and supervise, then rescue if necessary; there's no way to make this automatic."
A few things on this unrelated to economics: First, I LOVE how Krugman makes internet jokes. It's so awesome that a nobel-winning economist writing on The New York Times includes FAIL (or all your base, which was a recent headline). Second, it's kind of weird that he doesn't even mention Watts article, which it seems clear he is responding too ... Maybe he's not? Three, have I mentioned the internet is awesome lately? How cool is it that this kind of debate can just spring up.
I think Watts damages his argument by using the terms "complex", "connected" and "big" interchangeably. And yeah, Krugman jumps all over him for it.