Economics & Marginalia: February 2, 2024 | Center For Global ...

so many people end up trapped in local maxima. The argument of Book II is that the machinery of consumer capitalism is designed to keep us stuck here, that the moat is only ever getting wider, and this is compounded by the fact that we suck at making trade-offs across time—at weighing the second, third and nth-order consequences of our actions. Thi

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So. Where does the assumption that every business should grow to mega scale really come from? Well, it’s a relic of the industrial age. Back then, a business had to be as big as possible, to accomplish economies of scale. One factory — a hundred widgets. One factory — a million widgets. The second scenario wins — it pays off the fixed costs of the ... See more