This is really helpful. I read an article shared by Dr Ki Yates this morning; although really interesting as a non-scientist and -mathematician I struggled with certain explanations. This piece has clarified a number of points, thank you.
Thanks. It's always difficult to get the right balance between including too much technical detail and 'talking down' to people. Hopefully you let me know if I get the balance wrong.
This is really interesting. Although I might disagree that economic growth is best served by a feedback loop. That is a purely personal opinion based in the fact that as it stands in the UK, my grandchildren will never be able to afford to own their own home due to a housing boom feedback loop put in place since the 1970s. However, I can see how co operative systemic modeling like this must be of great benefit in many areas dealing with day to day collective governance. Thanks.
Economic growth is very much subject to a feedback loop - this is a major bone of contention now between economists of the 'cornucopian' school who believe growth can continue indefinitely, and environmentalists who assert that growth cannot be indefinite on a finite planet.
The environmentalist are correct of course- resource (stock) exhaustion and pollution (CO2 etc) are now being widely felt, hence the political turmoil we see everywhere.
Excellent introduction - thank you!
Really looking forward to the rest of the series.
This is really helpful. I read an article shared by Dr Ki Yates this morning; although really interesting as a non-scientist and -mathematician I struggled with certain explanations. This piece has clarified a number of points, thank you.
Thanks. It's always difficult to get the right balance between including too much technical detail and 'talking down' to people. Hopefully you let me know if I get the balance wrong.
This is really interesting. Although I might disagree that economic growth is best served by a feedback loop. That is a purely personal opinion based in the fact that as it stands in the UK, my grandchildren will never be able to afford to own their own home due to a housing boom feedback loop put in place since the 1970s. However, I can see how co operative systemic modeling like this must be of great benefit in many areas dealing with day to day collective governance. Thanks.
Economic growth is very much subject to a feedback loop - this is a major bone of contention now between economists of the 'cornucopian' school who believe growth can continue indefinitely, and environmentalists who assert that growth cannot be indefinite on a finite planet.
The environmentalist are correct of course- resource (stock) exhaustion and pollution (CO2 etc) are now being widely felt, hence the political turmoil we see everywhere.
For those interested more on economic growth I would recommend Doughnut Economics by the wonderful Kate Raworth.
One the seven ways she recommends to think like a 21st century economist is Systems Thinking. You can find out more at the following link:
https://doughnuteconomics.org/about-doughnut-economics