The greater an era of change the more the peoples need economists to work truly behind the scenes not go on television cultivating guru status from which it can be impossible to clarify why economist's views out to change depending on what's changed - example Through much of the 20th century my father Norman Macrae argued that oil prices were dangerously out of sync- sometimes too cheap, sometimes too expensive. He often met tv interviewers who complained : we thought that you supported the position that was just spiraling away from economic common sense.
WHY ENERGY MATTERS TO HUMANS
New sources of energy are one of only 2 dynamics that have explained worldwide increase in the human lot but this fact always meant that peoples need to seize the moment of celebrating end of carbon energy with cleaner more abundant forms before our technologies compete on the sae global scale as nature's evolutionary rules for species survival
Unfortunately the need for machine energy is no longer separable fro need for human energy (clean food and water). So the failure to see the 1990s as the decade of celebrating clean energy jobs out of every community - as per father's 1984 book was one of the great anti-youth economic crises ever to have been spun.
For More see
Keynes said that knowingly or unknowingly, economists design the futures the next generation get. For how many years of The Economist's first 175 year did The Economist accepted this responsibility as paramount to severely examine the transparency of nations' biggest decision makers?..
through human history- only 2 dynamics explain worldwide advance of the human lot - new energy abundancy and freer access to education- both of those opportunities could be mapped from the viewpoint of entrepreneurial revolution dialogues in The Economist starting 1972 as linking worldwide youth of 2010s - calling leaders whop believe that with economic models wholly valuing win-win-wins- 2010s can yet be youth's most productive and collaborative decade www.wholeplanet.tv
.here is extract of key text for 2008's annual review of 10 green bottles of Entrepreneurial Revolution - the last year Norman Macrae was well enough to write the core text of ER's curricululm
How to Avert A Great Depression Through the Hungry 2010s? Answer, By Making All Banking Very Much Cheaper
If banks in rich democracies had been truly competitive institutions, at least one of them somewhere would have seized the main opportunity created by the computer. This main opportunity was to make all deposit-banking vastly cheaper than
ever before. By this cheapening it should make such banking hugely more profitable. Then further competition would search for the cheapest ways to guide all the world's saving into the most profitable (or otherwise most desirable) forms of capital
investment, thus enriching all mankind.
Instead, during 2008 the total losses of banks in rich democracies- in North America, West Europe and Japan - soared into trillions of dollars. Fearful for their solvency, these banks virtually stopped
lending. The issuance of corporate bonds, commercial paper, and many other financial products largely ceased. Hedge and insurance firms also crashed. Mankind is thus threatened in the
2010s with its longest great depression since the hungry 1930s.
.examples of key texts from 1972 to 2008
1972 Next 40 Years The Economist
1976 Survey of Entrepreneurial Revolution - The Next Capitalism
1984 -book 2024 Report Lets choose worldwide youth collaboration goals and hunt out 30000 microfranchises whose open society replication needs to be invest in before new millennium creating 3 billion jobs so the 21st c is the most productive and sustainable time to be alive
1993 What human beings can most simply learn -and practice - from Von Neumann father of computing and way above zeros sum mapping