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How to Prepare for the Next Recession: Automate the Rescue Plan

Suppan
San Diego 4h ago
As someone with an engineering background (both education and mindset) this kind of simplistic design of complex systems is very concerning.

If anyone remembers Nassim Taleb's work, we should stop pretending the economy is a purely mechanical thing and try to make models built around that assumption. Instead we need to see it as an ecosystem where each subsystem seems to relate in complex ways with the others and while you can come up with rationalizations of events after the fact, they are too complex to predict with any reliability.

Obviously we want to have some stability or certainty in our lives, hence our economy, so we do not ignore the complexity with simplistic hand-waving, rather we accept the complexity and come up with robust solutions which will work with the uncertainties and still yield desirable results.

First, educate the public, starting with members of congress and the judiciary on the true mixed market we live in, not free market fantabulism.

Second, we educate ourselves on the good and necessary work the US government has done in making this a prosperous and successful republic. No government = Somalia; Bad government = Venezuela. This is reality. We have had good government since 1930s make this nation a superpower like no other in history. Don't blow it with fantabulism.

Thirdly, you save money in prosperous times for safety during difficult times. Rising economy - inc. revenue, surplus; slowing economy - inc. spending, deficits. No matter R or D.

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(JK) Algorithms should come with warning labels. Obama White House called for automated decision-making tools to be tested for fairness, and for the development of “algorithmic auditing.”