Tuesday, 22 September 2015

CYBERNETIC ECONOMICS GROUP

 

Richard Murphy

What follows is a public notice which has being doing the rounds in connection with the "ascent" Jeremy Corbyn, and his Proposal for a QE for the People

By Robert Searle


CYBERNETIC ECONOMICS GROUP



Probably the most important idea that a possible future Corbyn government could implement is to bring together the best experts in the field of Information Technology, or IT, and other relevant subjects. The aim should be to develop a Cybernetic Economy within a Capitalist Economy. However, with this approach it would also be possible with “ease,” and with the “desire of the people” for it to evolve into a more genuine “Socialist” Economy where democracy of a higher order could ideally exist. Such an approach is already outlined in what is termed Transfinancial Economics (or TFE), and a future Cybernetic Economics Group could base most of its ideas on it.

Essentially TFE goes beyond QE for the People to an Information Economy (in the literal sense of this term) in which it would be possible to understand the Economy in Real-Time. Interest rates, and taxation could if desired be phased out altogether to be replaced by super-flexible electronic controls. These would monitor, and control inflation en direct, but in a way which would allow the Free Market Price to fluctuate as much as possible. Such controls are a stark contrast to price controls of the past.

It must be understood that technology in the field of Information Technology is growing exponentially (notably the processing power of data) and would have untold implications for Economics. Thus, the above paragraph may seem “fantastic” but the “fanstastic” is already occurring as indicated (eg. Big Data, and Quantum Computing). It is time to wake up to all this, and what it means to humanity. For basic info on TFE please press my name on the above post. This subject is part of an entry on the P2P Foundation which is a credible, and influential site of high repute. TFE is ofcourse a form of Cybernetic Economics.

http://www.p2pfoundation.net/Transfinancial_Economics



The above appeared as a comment on http://www.taxresearch.org.uk/Blog/2015/09/21/ft-commentators-are-confused-by-corbyn/  This is a blog run by Richard Murphy who acts as an economics advisor to Jeremy Corbyn. He has written a lot about QE for the People.

IMPORTANT  It should also be stressed the importance of uncertainty in the Economy, and the irrationality of the Markets are fully recognized within the New Paradigm of Transfinancial Economics. With super flexible electronic controls this could be dealt with successfully.



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