Scientists of the Subprime

Could an understanding of biology have prevented the credit crunch? The complex world of banking evolved – and profited – thanks to the work of analytically gifted maths and science graduates. But when the crash came, something new was needed. Now banking regulators are turning to a different kind of science, asking if an understanding of ecosystems or the spread of infectious disease could help reform world finance. Ehsan Masood examines the role of science in the City.”  This is the blurb for a Radio 4 programme tomorrow night at 9pm.  I think it is fascinating how such an apparently conservative organisation as the Bank of England is prepared to look outside the box to see what can be learnt from biologists & science to better understand how complex systems work.  Clearly the world’s finance system is both hugely interconnected and important.  Understanding how the systems that we all depend on can be threatened is vital.

In my work I have visited many different companies, sectors and companies and am always gobsmacked at how many think their problems are unique or feel they have nothing to learn from other non-related sectors, if you want to get out of your box, you have to both look and think out of it!  I shall listen with interest.

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