One last thing that is also missing is something that’s to some extent missing in biology, too. But it’s certainly missing in economic thinking, and that is time. I mean, literally, time. That is, that time is speeding up. Time was very different when Mr. Smith wrote his book or when John Keynes wrote his book. Time is completely different now. It’

It was Parkinson who, with the delicious insight of the born historian, applied this Principle to Architecture, pointing out that PERFECTION OF PLANNING IS A SYMPTOM OF DECAY and providing us with a dazzling succession of examples including the Palace of Versailles (completed in time to receive the news of defeat at Blenheim), the League of Nations

The fast parts learn, propose, and absorb shocks; the slow parts remember, integrate, and constrain. The fast parts get all the attention. The slow parts have all the power. This raises the question, What is the pace layering of learners? What can change quickly, and what changes more slowly?