In October 2008, the financial system, and world economy, fell off a cliff
In finance it's often been survival of the fattest rather than the fittest”BBC News - Nature's lessons for bank crises: "'In October 2008, the financial system, and world economy, fell off a cliff,' he told BBC News. 'Conventional economic models struggled to make sense of that. But such cliff edges and tipping points are commonplace in networks, from infectious diseases to power grids, from forest fires to the world wide web. 'The dynamics of these systems would help in developing economic models which make sense of the contagious consequences of Lehmans Brothers' failure'. Mr Haldane reviewed scientific literature with the renowned epidemiologist and former government chief scientist, Lord May of the University of Oxford. They compared the dynamics of financial interactions with other complex networks such as ecological food webs and the spread of diseases. In finance it's often been survival of the fattest rather than the fittest” ...