To me, the idea of infinite memory processes is one of the most important concepts touched on by Mandelbrot in this book. It suggests that economists and traders should be developing models and theories which value the importance of price series and data going back decades. And it makes sense to me that people and prices do not change their fundamental behavior over extended periods of technological evolution. However, I suspect that organisms do change their fundamental behavior if the time horizon is thousands or millions of years. I am very curious to read more about Hurst’s studies of the Nile.
Category: robert prechter (Page 1 of 2)
Eric Cline’s book, 1177 B.C.: The Year Civilization Collapsed, provides a scholarly summary on the rise and decline of the bronze age in the Mediterranean region. Citing a number of different reasons for collapse, I find the most interesting to be a complex systemic failure arising from a continuous wave of natural disasters combined with external attacks by “sea peoples” which the “global” system could not withstand. These shocks were applied to the ancient system at its peak, in terms of power and interconnectedness, which indicates that collapses seem to occur near peaks, not troughs, in societal wealth and prosperity. And several civilizations tend to disappear at the same time; much as species extinction tends to occur in clusters. Chinese dynasties, Mesopotamian cities, Persian kings, the Mongols, the Romans and countless other examples show the same pattern.
Volume 1 – Capital: Critique of Political Economy
Volume 2 – Capital: The Process of Circulation of Capital
Volume 3 – Capital: The Process of Capitalist Production as a Whole
Also, for some lectures and commentary on the book see David Harvey’s website.
Possible conception for The Organism which Marx refers to: