Showing posts with label Arrow. Show all posts
Showing posts with label Arrow. Show all posts

Thursday, October 16, 2008

Arrow on the Crisis

It is always important to listen to Kenneth Arrow on any topic. Here he talks about the financial crisis. Important passage:
the root is this conflict between the genuine social value of increased variety and spread of risk-bearing securities and the limits imposed by the growing difficulty of understanding the underlying risks imposed by growing complexity.