The only thing we have to fear...
by Duncan O'Leary
Just a quick post to flag up an article i have up on the Guardian's Comment-is-Free site. The basic point that i try to make is that traditional economics lacks the tools to understand the Northern Rock saga properly. This is because it what we have been seeing is a social phenomenon aswell as a straightforward economic one.
The implication is that we need to recognise that our relationships with one another are something significant, not incidental, to the way social/economic systems work and individual choices are made – and that applies to issues from financial markets, to litter, investment in skills and perhaps even obesity. Have a read here.