Dear John and colleagues,

Thanks a lot for adding deep thought to my comments. I quite agree with 
your orientations and would make only a few further remarks.

1. Going beyond the equilibrium approaches of neoclassical economics is 
fundamental. I would bring here the points developed by the Santa Fe 
group of economists and physicists last decade (Brian Arthur and 
others): dispersed interactive agents, no global controller, cross level 
hierarchical organization, continual adaptation, perpetual novelty, and 
out of equilibrium dynamics.  Overall, they talked on the economy as 
another instance of "adaptive nonlinear networks". But my personal 
impression is that these very theoretical views were in themselves 
inspirational for promoting further deregulation of financial markets 
(Stu Kauffman and others were quite close to Al Gore and the Whitehouse 
circles). The invisible hand of selforganization!

2. Perhaps more foundational aspects have to be revised: value itself, 
plus the way transactions are produced (Lanham 2006 has posited a very 
bold view: we would trade informational "motives"...). A new theory on 
price formation could be more or less envisioned. But I would be more 
staunch on following the inspiration of biological schemes of 
organization to put into place "anticipatory dynamics" (not to be 
understood necessarily under dynamic systems theory). ATP energy 
currency plus the system of second messengers contain very curious 
systemic thresholds which the living cell has never crossed.

3. If the following figures (just from my memory) are correct, financial 
anticipatory flows have grown dramatically in last two decades, from 
around 4 times the GDP (80's), to 10 times (90's), and close to 20 in 
last years. Unknown thresholds have been trespassed,  and the capability 
to destructively amplify any serious fluctuation from real economy is 
daunting. The Energy crisis, plus the housing crisis, plus the mass of 
faulty credits in circulation have put on the knees both the real 
economy and the whole financial anticipatory wrappings. The inevitable 
closure of the financial on the real, and vice versa,  means that the 
social "viscosity" of the system --our very lives-- will be put on a 
very tough stance. Is this but an anticipation of the even bigger global 
sustainability crisis?

best regards


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