http://www.dtc.umn.edu/~odlyzko/doc/bubbles.html
"Enclosed is a notice of my latest paper on technology and financial manias. As
there is currently much concern about the possible instability of the financial
system that might lead to a crash, given elevated valuations, unprecedented
levels of government intervention, low interest rates, opaque
interrelationships, very complex systems, rise of fintech, zombie companies,
and so on, it might be of interest to see what happened a century and a half
ago, when many similar phenomena reigned and when the “roving cavaliers of
credit” (to borrow a phrase from Karl Marx) managed to facilitate a giant
expansion of a public transportation infrastructure, and ruined themselves and
many others through “financial innovation.” This paper describes a major, but
previously undocumented, step in the “financialization” of the economy.
There are also interesting similarities to the Silicon Valley “fake it till you
make it” philosophy, to the “alternate reality” concerns about the post-truth
world, and other currently hot topics."
Andrew Odlyzko is a Professor at the School of Mathematics, University of
Minnesota.
Via The RISKS Digest Volume 33 Issue 2:
http://catless.ncl.ac.uk/Risks/33/2#subj19
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
