Syndicate content

Add new comment

Submitted by Olga on

This is very nice -- and optimistic! Thank you, Wolfgang for a succinct overview. One minor quibble: Maybe bankers ought to be more concerned about risks than others? Concerned about prevention of disasters? You point to climate change which puts at risk future generations. There are also pandemics which put at risk not only future but also this generation (thanks to this, with a non-zero -- and rising -- probability there will be a less numerous, though poorer, future generation to worry about). Other global risks that are undermanaged include financial crises. Global risks are even worse managed than national ones. Awareness is the first step.

Last week The Economist reviewed the impacts of the Black Death (one of the recurring high-impact pandemic episodes, that killed 1/3 of the European population) and found studies showing that this pandemic led to great progress (end of feudalism), higher wages, less poverty, larger middle class, and generally accelerating prosperity, better shared. Since efforts to prevent pandemics are grossly inadequate (see here: http://blogs.worldbank.org/health/diseases-without-borders-managing-risk-pandemics),
the Economist article makes for reassuring reading: http://www.economist.com/blogs/freeexchange/2013/10/economic-history-1?fsrc=scn/fb/wl/bl/plaguedbylabour