A mentira e a patologia política em Portugal
Etiquetas: A mentira e a patologia política em Portugal
Macro de grande, skopein de observar: observar o infinitamente grande e complexo. Tentar perceber por que razão a ave vive fascinada pela serpente que a paralisa e, afinal, faz dela a sua presa.
Etiquetas: A mentira e a patologia política em Portugal
I wasn't doing macroeconomic forecasting, and I never worked in finance. But am I still somehow to blame for the current crisis just because I'm an economist? Is it my fault? Has my profession, just by the way it thinks about the economy, caused all this damage? We have to ask ourselves this question, says Diane Coyle. |
any of the criticisms people now make of economics have been made in the past. The Post-Autistic or Real World Economics Movement has been gaining prominence, but it has been around for a long time. The difference now is that the crisis seems to be proof that the criticisms are true. They are not so easy now for the mainstream of the economics profession to shrug off. In fact, many economists are taking the critique very seriously.
Yes, it is true that practitioners and policy makers acted as if the strong form of the Efficient Markets Hypothesis held true — in other words that prices instantly reflect all relevant information about the future — even though this clearly defies reality. The computer and communications technologies fed the trend as well, by making more and more financial transactions possible.
I think an honest, conventionally-trained economist has to at least acknowledge that we grew intellectually lazy about this. Although we all knew at some level that the rational choice assumption was being made to bear too much weight, very few economists openly challenged its everyday use in justifying public policy decisions. Very few of us put this weight on it in our own work. But not all that many economists challenged its pervasive use in the public policy world.
One result has been that many critics think all economists are right-wing free marketeers. The "Occupy" movements would blame economics for much more than just the financial crisis, in particular the much greater income inequality in almost all OECD economies now. Meanwhile, the evidence from surveys is that left-of-center economists outnumber right-of-center economists, although by much less than in the other social sciences.
Critics also dislike what they see as the reductionism of economics, the philosophy that the economy can be understood as the aggregation of individual profit-or income-maximizing decisions by independent economic agents. I think economists would acknowledge that there are definitely circumstances where this assumption is not valid, and it has been used as a matter of practicality, of simplicity. Again, though, it was very much taken for granted. The crisis, so strongly marked by herd behavior, firmly underlines its limitations.
There is a good reason for using these models, though. Because understanding and forecasting the aggregate behavior of millions of businesses and individuals is an impossibly hard task. It is much harder than long-range weather forecasting because it ought to incorporate the effects that individual decisions have on each other, and because it ought to incorporate expectations of the future into today's decisions.
Another problem is the economics curriculum in universities. In most cases, students are taught one macroeconomic worldview as if it were true, with no intellectual context, no history of economic thought. They learn almost nothing about economic institutions such as the banking system. They have little sense of economic history, which is usually not required now (although it used to be in many Ph.D. programs).
Economists have also come to have a particularly influential role in public policy, compared to other social scientists. (We have chief economists in most departments in the UK, but not chief anthropologists or chief psychologists.) Other social scientists of course give policy advice as well, but unlike economists they do not have specific roles in the administration.
It would be ironic, and regrettable, if the crisis causes people to distrust economics at exactly the time when it has more to offer. This is one reason that we economists have to put our house in order now, and acknowledge our collective faults. It's no good making criticisms without suggesting solutions, so here are a few reforms the discipline of economics needs:
1. You can predict a macroeconomist's political views from the confidence of his statements about the economy. They are bringing all of us into disrepute, and instead of going on TV to criticize the government or the opposition, they need to become more humble about what they know.
I hope that the crisis will strengthen economics by stimulating reform from within. Most economists are actually very practical, not just abstract theoretical people. They are passionate about using their knowledge to improve the world and keen to test their theories against the evidence. That is true even if the evidence sometimes needs knocking into shape before it confirms that the theory is correct.
When I was a Ph.D. student, access to both data and computer time was very costly. Sometimes, data had to be loaded by threading a big reel of magnetic tape into the computer. I had to write regression programs in Fortran, as the only commercial software available was quite limited. Each regression had to be run, one by one, overnight. One had to choose a thesis subject depending on whether or not any data would be accessible.
It wasn't until 1980 that there was data for a significant number of countries dating back at least half a century. (Previously, there had been about 30 annual measurements for a handful of countries.) It is hard to find definitive empirical results from so little data. No wonder economists have been overly focused on abstract models.
The situation has changed spectacularly in the past 20 years or so, thanks to the availability of new databases, the computer power to use them, and the statistical techniques to make valid inferences from different types and structures of data.
The revolution of using computers to process economic data and information, then, is transformational. But it is still in its infancy in terms of its eventual impact on the state of economic knowledge and the science of economics. And although there's no doubt that political ideology colors economists' work, fundamentally economics remains the same discipline it always was — the application of Enlightenment empiricism to human societies in order to understand how they allocate and use resources. |
Etiquetas: Global Economy The Economic Crisis and the Need to Rethink Economics
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DN
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The Independent
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Como devem estar equipadas para facilitar a vida aos cidadãos e às comunidades, às organizações sociais e às empresas de negócios que aí se procuram fixar para gerar riqueza, emprego e bem-estar.
Sem curar de saber destas condições e serviços não existem condições de progresso - material e espiritual - na vida das cidades no actual estádio de desenvolvimento em que estamos: acesso à habitação, serviços qualificados de educação, formação, saúde e cultura, lazer e desporto, condições de mobilidade, padrões urbanísticos, arquitectónicos e ambientais, segurança pública integram alguns dos requisitos que hoje fazem das cidades grandes cidades.
E como o Governo e o Estado, no seu sentido mais pleno, não estão em condições de pensar estas realidades, porque não têm recursos nem massa crítica, e também porque estão distantes das cidades do interior que já não conhecem, cabe às cidades, às regiões e aos territórios equacionar a gestão destas políticas de desenvolvimento do território, a fim de conferir a estas realidades económicas e identitárias uma importância que devem passar a ter, sob pena de Portugal agravar as assimetrias que hoje vão desnivelando cada vez mais o território nacional.
Etiquetas: cidades, regiões e territórios
Etiquetas: As obras de misericórdia, segundo Catecismo de São Pio X:
Etiquetas: Cavaco = Desilusão
Etiquetas: Evocação de Ronald Reagan
Etiquetas: Europa
But the bad eggs still linger – and there are quite a number of them. Late last year, I put a call through to my African followers on Twitter to nominate the worst African leaders of our times. I received over 800 responses. Based on those responses, these are the five worst African leaders of today.
Teodoro Obiang Nguema Mbasogo, President of Equatorial Guinea
Teodoro Obiang Nguema Mbasogo is Africa’s longest serving ruler. He has ruled Equatorial Guinea, a tiny, oil-rich West African country, since August 1979 when he overthrew his uncle, Francisco Macías Nguema, in a bloody coup d’état. Equatorial Guinea is one of the continent’s largest producers of oil and has one of the highest per capita incomes in the world, but this doesn’t necessarily translate into prosperity for its people. The country ranks very poorly in the United Nations human development index; the vast majority of Equatorial Guineans hardly have access to clean drinking water. The country also has one of the world’s highest under-5 mortality rates: about 20% of its children die before the age of five. Many of the remaining 80% of the children don’t have access to quality educational and healthcare facilities. Meanwhile, the first son of the president, Teodorin Obiang (who is in line to succeed his father), spends millions of dollars of state funds financing his lavish lifestyle which includes luxurious property in Malibu, a Gulfstream jet, Michael Jackson memorabilia and a car collection that could easily make billionaires go green with envy.
José Eduardo dos Santos, President of Angola
José Eduardo dos Santos is Africa’s second longest serving president. He took the reins of power in September 1979 following the natural death of his predecessor Agostinho Neto. To his discredit, Jose Eduardo has always run his government like it’s his personal, privately-owned investment holding company. His cousin serves as the Angola’s vice president, and his daughter, Isabel Dos Santos is arguably the wealthiest woman in the country. Angola is extremely resource-rich. According to theUnited States Agency For International Development (USAID), the country is the second-largest oil producer in sub-Saharan Africa and the seventh-largest supplier to the United States. Angola also has massive diamond deposits and occupies an enviable position as the world’s fourth largest producer of rough diamonds.
But for all its resource wealth, the vast majority of Angolans still live in the most horrid socio-economic conditions. 68% of the country’s total population lives below the poverty line of $1.7 a day, while 28% live on less than 30 cents. Education is free, but it’s practically worthless. Most of the schools are housed in dilapidated structures and there is a severe deficit of skilled and qualified teachers. According to the U.N. Children’s Fund, 30% of the country’s children are malnourished. The average life expectancy is about 41 years while child and maternal deaths are extremely high. Unemployment levels are very high. But José Eduardo dos Santos is unaffected. Rather than transforming Angola’s economic boom into social relief for its people, he has channeled his energies towards intimidating the local media and diverting state funds into his personal and family accounts. Dos Santos’s family controls a huge chunk of Angola’s economy. His daughter, Isabel Dos Santos has amassed one of the Angola’s largest personal fortunes by using proceeds from her father’s alleged corruption to acquire substantial stakes in companies like Zon Multimedia, a Portuguese media conglomerate and in Portuguese banks Banco Espírito Santo and Banco Português de Investimento among others.
Robert Mugabe, President of Zimbabwe
Many Zimbabweans seem to think Mugabe is doing a stellar job. The country is on an economic rebound after several years of decline. GDP growth in 2011 was over 7% and the Southern African state has experienced single-digit inflation since 2009. The country’s agricultural sector is fast recovering after years of food shortages fueled by disruptions caused by Mugabe’s infamous seizure of white-owned commercial farms. Mugabe’s government has also recorded significant achievements in education as a result of extensive teacher training and school expansion projects: At over 80%, the country has one of the highest literacy rates in Sub-Saharan Africa.
But Mugabe’s inadequacies overshadow his achievements. For one, he has failed to deal with the ever-present problem of employment. The country’s high literacy rate does not necessarily translate into employment opportunities for its people. Zimbabwe’s unemployment rate is the highest in sub-Saharan Africa: it’s over 60%.
Despite entering into a power-sharing agreement with the former opposition party, the Movement for Democratic Change (MDC), Mugabe still wields almost total control over government institutions – a feat he has been able to achieve through his use of violence and subjugation. He remains reluctant to allocate substantial political powers to the MDC, and human rights abuses in the Southern African country are rife. The 87 year-old megalomaniac has vowed not to step down despite having ruled the Southern African state for over 24 years. He is seeking re-election in the country’s presidential polls slated for later in the year. Analysts expect the election to be besieged by fraud as the previous one.
King Mswati III, King of Swaziland
Etiquetas: Cinco piores líderes africanos, revista Fortune