Rather than award the Nobel to Obamabot liberal Paul Krugman whose economic theory underpins modern mercantilism (and thus heightens the prospect of global trade wars leading to real wars) the prize should have gone to the brilliant mathematician, Benoit Mandelbrot.
Watch this podcast from a recent News Hour show which indicates the power and relevance of Mandelbrot’s work on the current fragility and volatility in the global financial markets.
Mandelbrot makes clear why the world is far more complex and risky than we like to think. Certainly the anarchic ownership structure we use to manage it is not up to the task.
My own assessment was presented here at a presentation I made at my law school recently. Click on Special Events and then on Financial Meltdown. The power point slides are here.