As far as mainstream public administrators go, clueless is the operative
word. The idea that everyone has perfect trading knowledge, so as to
efficiently support a clearing market, was the norm. This generally worked
well because in more complex markets (stock, commodities) very few people
actually traded, ie the few traders their we're generally had some modicum
of perfect knowledge. Now when anyone from a commodities broker to a
knuckle dragging gorilla (look at what it take to be financial
trader/advisor) has the power to enact trades, the knowledge of what
actually goes on is highly imperfect, meaning chaotic, and much more similar
to a biological system, hence the wide fluctuations we've seen in world
markets in the last twenty years. Policy makers are still trying to control
highly complex systems with non-complex strategies, and are royally shafting
everyone in the process. I guess back to your question, it's an
institutional lag. There is some very interesting work going on at the
University of Chicago, with more complex, heuristic, and comprehensive models.
>You can show us on Sunday. Who is bringing the holy book? By the way
>what is our holy book? (Don't even think about making it _Nanosystems_ :-))
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Todd M. Kuipers | Merak Projects Ltd.
New Media Specialist / Thwipp Guy | http://www.merak.com
tkuipers@merak.com | Developer of Oil & Gas Software
(403) 294 4336 | Calgary, Houston, Australia
http://www.merak.com/~tkuipers | Voice (403) 294 4300
-----------------------------------| Treekiller (403) 294 4301
"The 'net, in front in enabling | 1400, 520 - 5th Ave SW
the Dittohead view of the world" | Calgary, Alberta T2P 3R7
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ytivarg luftif ni sgge gniyal egarag eht ni strovac god aishcuf eht
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