1. The Micro Electronics of Macro Economic Crisis
Eli Noam
Professor of Finance and Economics, Columbia Business School
Director, Columbia Institute for Tele-Information
September 5, 2009

4. http://search. barnesandnoble. com/booksearch/imageviewer. asp

5. The Big Picture

6. The Micro Electronics of Macro Economic Crisis
Eli Noam
Professor of Finance and Economics, Columbia Business School
Director, Columbia Institute for Tele-Information
September 5, 2009

8. Regulation

10. Bank of Tokyo-Mitsubishi-UFJ in Osaka

15. Beyond Orthodoxy 15 15

16. In Australia, “Department of Broadband, Communications, and the Digital Economy”.
In France, a “Minister of State for development of the Digital Economy’”
Korea: “Ministry of the Knowledge Economy”

19. Gordon Moore and Eli Noam
Moore’s Law
Gordon Moore and Eli Noam
Eli M. Noam, Hardware

20. mortgage-based securities

22. sub prime mortgages

23. sub prime mortgages

24. derivatives

25. bank crisis

27. Business cycles are not new:
-- The 7 fat years in Egypt followed by the 7 lean years
Joseph in Egypt (

31. http://upload. wikimedia

33.
maybe

34. Ineffective Regulation34 34

35. Price Deflation 35 35

36. Characteristic #1 of Information:
Usually extremely high fixed costs and low marginal cost .
Expensive to produce, cheap to reproduce

37. Fundamental economic characteristic #2 of Information: Excess Supply

38. Characteristic #3 of Information: Price Deflation

39. 39 39

42. ok

43. Conclusions We have met the enemy, and it is us  
We have met the enemy, and it is us
The info society operates with somewhat different fundamental characteristics. And this makes traditional macro tools ineffective
But micro electronics also provides new tools for macro economics. Unbundle macro. De-mass macro.