Group of 20 financial summit at the National Building Museum in Washington,World leaders begin arriving today. Washington Post,Nov.14, 2008 on pages A1,D1:
"Americans are convinced that the raw, unregulated, laissez-faire capitalism closely asssociated with the American model has serious flaws and does not reliably produce the best outcome." Steven Pearlstein wrote such article.
My comment: Invest in human capital to enhance productivity in the public sector plus self- interest in the private sector with ethics and morality. Such may be the new model that everyone can live with in any nation. Adam Smith was a professor of moral philosophy before he published "The Wealth of Nations" and Confucianism promotes ethics and morality as the foundation of healthy and hopeful societies. Let us wait for the new model of finance and economics.
"The American Prospect" on page 9. Who knew? By Mark Schmitt
"Citizens own much of the financial economy, can we know enough to make those decisions well? Centralized ownership and planning are now favored over the dispersed knowledge of a market economy."
J. Tinbergen, first Dutch economist and Nobel Laureate in 1969 developed "Convergence Theory" i.e. "the Combo of the public sector and the private sector.) Such theory may be validated and implemented in the 21st century.
Francis Shieh a.k.a. Xie Shihao with interest in the aphorism of Adam Smith and Confucius/Mencius since 1940s. Needless to say,I admire the rationale of Professor Tinbergen with his vision of the world economy.
Friday,November 14, 2008 at 10.48 a.m.
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