All over the world govenrments are working hard to save their national economies. Interst rates are being cut and bail out packages are being declared. Every one is hopeful that the worst will be soon over and the happy days will be here again...!
Personally I have my own doubts whether such simple solution will work for a complex problem we have on hand.
From operations managment perspective, People, Process, and Technology working together result in output from a system. The productivity and efficiency, and effectiveness of the system depends on the complex interaction among these factors.
Once we take a look at present situation from this perspective, we start getting the feel of complexity involved. I sincerely feel that the present solutions are not aimed at bringing in in qaulitative or structural changes in the underlying People-Process-Technology combination. Therefore there will be inherent limitations to the results we will get.
Since beginning of industrialization three centuries ago, the economy is becoming more depedent on technology or the knowledge. As technology advances, we pay more for the knowledge content ni the product and service and less forthe material content and the time spent. This does not happen at the regular pace but in spurts of technology breaktroughts!
The economic cycles are propelled by these technology inpulses. Whenever there is a slow down, we need infusion of new technolgy to revive the economy.
I am wondering what will be the combination of technologies that will crank the economies back?
It is remotely possible that by rearranging finance alone we will be able to bring back our economies back on track.