Posted To RWER Blog Regarding Chaos and Its Lesson

RA,

You’re right Chaos Theory itself has nothing constructive to offer us in economics…..except to remind us that humans cannot long survive in a chaotic environment/system and also that the answer to chaos is rational and ethical control which is one of the definitions of Wisdom.

Viz economics this means that if the economic system is in continual flux/chaos the wise thing to do is to craft and implement policies that encompass the entirety of the process so as to stabilize it, and also find the stopping points within the flux/chaos where policies can be implemented for maximum beneficial effect for all.

One of the earliest insights of Wisdom that comes to us via the Rig Veda is that the temporal universe is in a continual process of Starting, Changing and Stopping so Wisdom has been aware of chaos much longer than modern theorists have, and begs us to deal with it in as rational and ethical a fashion as we can….via the closer and more complete look that is Wisdom itself. Economics requires Wisdom which is the lesson of chaos.

wisdomicsblog.com

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