"IMHO, any statement that you cannot reduce to simple arbitrage is not economics at all. The rest is all decoration."
Yep. I sometimes feel economics gets crushed by its own weight and suffers the fate of philosophy, leading to discussions about how many angels can dance on the head of a pin. This is a great article that explains well how these forces of inflation and tax rates change preferences.
I have fond recollections of sitting and talking (mostly listening) with you at the Gilder Telecosm conferences where we were both speakers and you introduced me to thinking of economics using the Second Law of Thermodynamics. Your ability to simplify the complex and teach economics as it should be taught everywhere (visually) is rare if not unique. When someone truly understands a subject they distill it to simple elements - those who don't, or have ulterior motivations, strive to make it complex.
I've tried to follow your lead in my writing. I shared a paper a few weeks ago that I first published last May on my Linkedin page. I think you will find very interesting. Advancements described by Moore's Law reduced the cost of information - some suggest by a billion fold during the last 40 years. The paper addresses why the continuation of this vast economic benefit has dwindled if not died. This is not to suggest there won't be advances in technology coming our way - there will, but they will come much more slowly and be driven by different things that are not entirely visible outside a small circle.
"IMHO, any statement that you cannot reduce to simple arbitrage is not economics at all. The rest is all decoration."
Yep. I sometimes feel economics gets crushed by its own weight and suffers the fate of philosophy, leading to discussions about how many angels can dance on the head of a pin. This is a great article that explains well how these forces of inflation and tax rates change preferences.
I have fond recollections of sitting and talking (mostly listening) with you at the Gilder Telecosm conferences where we were both speakers and you introduced me to thinking of economics using the Second Law of Thermodynamics. Your ability to simplify the complex and teach economics as it should be taught everywhere (visually) is rare if not unique. When someone truly understands a subject they distill it to simple elements - those who don't, or have ulterior motivations, strive to make it complex.
I've tried to follow your lead in my writing. I shared a paper a few weeks ago that I first published last May on my Linkedin page. I think you will find very interesting. Advancements described by Moore's Law reduced the cost of information - some suggest by a billion fold during the last 40 years. The paper addresses why the continuation of this vast economic benefit has dwindled if not died. This is not to suggest there won't be advances in technology coming our way - there will, but they will come much more slowly and be driven by different things that are not entirely visible outside a small circle.
Thank you, Paul McWilliams
Compelling ideas I've not seen anywhere else, written with brilliant clarity.
Good article! completely agree
Sharing with my students (again). Thanks