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How the computer transformed economics. And didn't.

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  How the computer transformed economics. And didn't. Anne & Lynn Wheeler <lynn@garlic.com> - 2016-05-20 09:51 -0700
    Re: How the computer transformed economics. And didn't. Anne & Lynn Wheeler <lynn@garlic.com> - 2016-05-20 11:28 -0700
      Re: How the computer transformed economics. And didn't. mausg@mail.com - 2016-05-20 19:20 +0000
      Re: How the computer transformed economics. And didn't. Anne & Lynn Wheeler <lynn@garlic.com> - 2016-05-21 09:17 -0700

#163793 — How the computer transformed economics. And didn't.

How the computer transformed economics. And didn't.
http://ineteconomics.org/ideas-papers/blog/how-the-computer-transformed-economics-and-didnt

note "360" picture about 3/4s of the way down the page ...
is MTS 360/67

i.e.
https://www.eecis.udel.edu/~mills/gallery/gallery8.html

and economics related drift

Cochrane Proposes "Restoring the Rule of Law" by Letting CEOs Defraud
with Impunity
http://neweconomicperspectives.org/2016/05/cochrane-proposes-restoring-rule-law-lettide-facto-ng-ceos-defraud-impunity.html

In sum, as the Bank Whistleblowers United have explained, the rule of
law has ended for financial elites.  Financial CEOs became ever
wealthier by leading the fraud epidemics that crushed our economy and
caused immense harm to our people -- and in every case the prosecutors
and regulators did not even attempt to hold them personally accountable
for their frauds.

... snip ...

The Bank Whistleblowers United -- Who are We, and Why are We Trying to
Help Implement Real Banking Reform?
http://www.nakedcapitalism.com/2016/02/the-bank-whistleblowers-united-who-are-we-and-why-are-we-trying-to-help-implement-real-banking-reform.html

"too big to fail" (& "too big to prosecute", "too big to jail") posts
http://manana.garlic.com/~lynn/submisc.html#too-big-to-fail

-- 
virtualization experience starting Jan1968, online at home since Mar1970

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#163794

re:
http://manana.garlic.com/~lynn/2016d.html#25 How the computer transformed economics. And didn't.

... also "Inside Job" gets into "captured" regulatory agencies (like
SEC) having major role in the economic mess ... but also gets into the
capture of major economic advisors as contributing ... including after
the bubble hit, advice to wallstreet to put as many under financial
obligation as means of helping obfuscate and misdirect away from those
responsible
https://en.wikipedia.org/wiki/Inside_Job_(2010_film)

the capture of economists is also covered in "Economists and the
Powerful: Convenient Theories, Distorted Facts, Ample Rewards"
http://www.amazon.com/Economists-Powerful-Convenient-Distorted-ebook/dp/B009K44OW2

past posts mentioning above:
http://manana.garlic.com/~lynn/2011j.html#51 Advice from Richard P. Feynman
http://manana.garlic.com/~lynn/2012p.html#62 Search Google, 1960:s-style
http://manana.garlic.com/~lynn/2012p.html#64 IBM Is Changing The Terms Of Its Retirement Plan, Which Is Frustrating Some Employees
http://manana.garlic.com/~lynn/2013.html#20 The Big Fail
http://manana.garlic.com/~lynn/2013.html#57 How to Cut Megabanks Down to Size
http://manana.garlic.com/~lynn/2013.html#73 More Whistleblower Leaks on Foreclosure Settlement Show Both Suppression of Evidence and Gross Incompetence
http://manana.garlic.com/~lynn/2013b.html#44 Adair Turner: A New Debt-Free Money Advocate
http://manana.garlic.com/~lynn/2013b.html#50 How to Cut Megabanks Down to Size
http://manana.garlic.com/~lynn/2013i.html#89 What Makes an Architecture Bizarre?
http://manana.garlic.com/~lynn/2013k.html#29 The agency problem and how to create a criminogenic environment
http://manana.garlic.com/~lynn/2013l.html#1 What Makes a Tax System Bizarre?
http://manana.garlic.com/~lynn/2013l.html#8 What Makes a Tax System Bizarre?
http://manana.garlic.com/~lynn/2013l.html#48 Ex-Wall Street chieftains living large in post-meltdown world
http://manana.garlic.com/~lynn/2013l.html#52 Lehman Brothers collapse: was capitalism to blame?
http://manana.garlic.com/~lynn/2013m.html#76 The Scholars Who Shill for Wall Street
http://manana.garlic.com/~lynn/2013o.html#81 Academics Who Defend Wall St. Reap Reward
http://manana.garlic.com/~lynn/2014b.html#3 Royal Pardon For Turing
http://manana.garlic.com/~lynn/2014c.html#68 Economists and our responsibilities to society
http://manana.garlic.com/~lynn/2015.html#24 Forget the McDonnells. We're ignoring bigger, more pernicious corruption right under our noses
http://manana.garlic.com/~lynn/2015g.html#67 Economics Has a Math Problem
http://manana.garlic.com/~lynn/2015g.html#73 Economists' Tribal Thinking
http://manana.garlic.com/~lynn/2015h.html#28 rationality
http://manana.garlic.com/~lynn/2016b.html#102 Qbasic
http://manana.garlic.com/~lynn/2016c.html#84 Wells Fargo "Admits Deceiving" U.S. Government, Pays Record $1.2 Billion Settlement

-- 
virtualization experience starting Jan1968, online at home since Mar1970

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#163795

On 2016-05-20, Anne & Lynn Wheeler <lynn@garlic.com> wrote:
>
> re:
> http://manana.garlic.com/~lynn/2016d.html#25 How the computer transformed economics. And didn't.
>
> ... also "Inside Job" gets into "captured" regulatory agencies (like
> SEC) having major role in the economic mess ... but also gets into the
> capture of major economic advisors as contributing ... including after
> the bubble hit, advice to wallstreet to put as many under financial
> obligation as means of helping obfuscate and misdirect away from those
> responsible
> https://en.wikipedia.org/wiki/Inside_Job_(2010_film)
>
> the capture of economists is also covered in "Economists and the
> Powerful: Convenient Theories, Distorted Facts, Ample Rewards"
> http://www.amazon.com/Economists-Powerful-Convenient-Distorted-ebook/dp/B009K44OW2
>
> past posts mentioning above:
  
But, what is to be done, what caan be done?..
Only bright side is that there is a lot for young people leaving collage
to learn, and do.

-- 
greymaus
 .
  .
...
Ireland, Republic of.

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#163808

re:
http://manana.garlic.com/~lynn/2016d.html#25 How the computer transformed economics. And didn't.
http://manana.garlic.com/~lynn/2016d.html#26 How the computer transformed economics. And didn't.

1989, economic model of the CITI (variable rate) mortgage portfolio (at
the time the largest player in the mortgage market) was donethat showed
small changes would result in the portfolio taking down the
institution. CITI then sold off the portfolio, got out of the market and
required a private (Saudi) bailout to stay in business. long-winded
past discussion
http://manana.garlic.com/~lynn/aepay3.htm#riskm

Middle of last decade (15yrs after CITI almost imploded), one of the
people that had been involved in the previous CITI analysis wrote
articles that the economic models then being used weren't correctly
accounting for the risk.

Towards the end of 2008 there were a number of articles trying to show
that the economic mess was the result of using bad computer models as
well as trying to blame risk managers at the institutions. However,
there were a few articles about institution risk managers who said
that business executives were forcing them to fiddle model input until
they got the desired results, aka GIGO (and calling for risk managers
having protection from business executive influence). Note that CITI
was one of the biggest players in the economic mess (demonstration
ephemeral nature of institutional memory; aka the triple-A rated toxic
securitzed mortgages were convoluted form of mortgage portfolio
helping obfuscate what was really going on).
http://manana.garlic.com/~lynn/submisc.html#toxic.cdo

other past refs to 1989 private bail-out
http://manana.garlic.com/~lynn/2008g.html#64 independent appraisers
http://manana.garlic.com/~lynn/2008q.html#26 Blinkenlights
http://manana.garlic.com/~lynn/2008q.html#57 Blinkenlights
http://manana.garlic.com/~lynn/2011b.html#27 The Zippo Lighter theory of the financial crisis (or, who do we want to blame?)
http://manana.garlic.com/~lynn/2011b.html#45 Productivity And Bubbles
http://manana.garlic.com/~lynn/2011d.html#28 The first personal computer (PC)
http://manana.garlic.com/~lynn/2011e.html#41 On Protectionism
http://manana.garlic.com/~lynn/2011k.html#89 The Grand Message in the Conceptual Spiral
http://manana.garlic.com/~lynn/2011n.html#73 Did You Hear the One About the Bankers?
http://manana.garlic.com/~lynn/2011o.html#51 The men who crashed the world
http://manana.garlic.com/~lynn/2011o.html#52 Civilization, doomed?
http://manana.garlic.com/~lynn/2012c.html#44 New Citigroup Looks Too Much Like the Old One
http://manana.garlic.com/~lynn/2012d.html#5 PC industry is heading for more change
http://manana.garlic.com/~lynn/2014b.html#24 Royal Pardon For Turing
http://manana.garlic.com/~lynn/2014c.html#67 Royal Pardon For Turing
http://manana.garlic.com/~lynn/2016b.html#72 Qbasic
http://manana.garlic.com/~lynn/2016c.html#11 Qbasic
http://manana.garlic.com/~lynn/2016c.html#86 Wells Fargo "Admits Deceiving" U.S. Government, Pays Record $1.2 Billion Settlement
http://manana.garlic.com/~lynn/2016d.html#0 Why Is the Obama Administration Trying to Keep 11,000 Documents Sealed?

-- 
virtualization experience starting Jan1968, online at home since Mar1970

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