Testament of Age A Continuing Journey into Economics
Part IV 410/1290 AD to 1914 AD to 1945 AD and to the 2008 Turmoil The sequel 2010 AD
by
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It introduced the thought, possibly known centuries ago, but now lost, ignored or hidden, that it is small outfits, often individuals, that make the advances in life rather than the big companies and groups. It is those small outfits that produce Effectiveness. The bigger ones add Efficiency to the innovations of the smaller ones: but they do so with the risk of distorting, delaying or even preventing the forward march, because it is in their efficient interest not to make change. Provided the big chaps can be contained to prevent harm, they do the excellent job of efficiency through scale of operation. The small outfit is well contained from the start. The difference between the two is simple. The small outfit is curious and enjoys starting things. The big outfit enjoys the efficiency benefit of scale, & raising the profit in terms of tokens. The people who hunt in each type of firm are different in nature. Both are very valuable to the country at large, provided the country knows their differing aims and effects – and watches them accordingly.
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About the Book
This Part IV of the book gives reflections on what has happened in the two years following the 2008 Turmoil. The Author says that his Answer to the Turmoil may not be totally acceptable, but is worth thinking about, amending or not, even rejecting. It is nobler, he says, to act now rather than leave a terminal time for those who come after.
About the Author
He has four times round the 21 years: is a Cambridge engineer. As a consulting engineer he has experience in UK, Africa, Europe, USA, Middle East India, Australia and all that entails. He wrote Parts I & II of the book last century - really for himself, thinking there were plenty of bankers, economists, etc. to take care of things. The Turmoil of 2008 appalled him: he wrote Part III and put an Answer forward.