As Philip Vyt argues in this TEDx video, innovation is treated too much as an event business, as mere entertainment, failing to generate sustainable results. Instead organizations should strive to institutionalize innovation and make it continuous, commensurate with their capabilities and environment.
I truly sympathize with his observations and recommendations and hence would like to share them through this blog. I encourage you to watch this short video and act upon it.
Between Debt and the Devil: Money, Credit, and Fixing Global Finance by Adair Turner
My rating: 4 of 5 stars
A great story about the financial crisis of 2008 that should never have taken place according to leading economists and policy makers at that time. In essence a story about human hubris believing that complexity and uncertainty can be managed through human created decision models. The author also describes the root causes of the crisis and in summary one could argue that the Central Banks turned off the alarm system without addressing the real fire i.e. debt overhang. Even worse, it is clear that the debt crisis which was created is cured by another debt crisis (ref. Draghi’s et al programmed for ultra-loose monetary policies). So the debt overhang remains and if not tackled with alternative policy measures will give rise to secular stagnation (no growth) for decades. Therefore it is good to read in the book which alternative paths could be explored. So positive to learn that there are ways out of this economic misery. Hopefully policy makers start considering them.
I recommend this book to everyone who wants to have a balanced view on the financial crisis of 2008 as well as the way out. At the end it will help you to better judge current policy from a societal standpoint as well as from a personal investor’s standpoint.
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