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In standard economics, problems are well-defined, solutions are perfectly rational, outcomes are pure, possibly artificial in a way, but above all they are elegant. And by assumption outcomes are in equilibrium. Loosely, the economy is in equilibrium. Standard economics in a word is orderly. To borrow architect Robert Venturi’s phrase, it has “prim
... See moreW. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
consider a crisis to be a collapse in demand.
Hermann Simon • Confessions of the Pricing Man: How Price Affects Everything
The Economist • Mark Carney on how the economy must yield to human values
Economist Thomas Philippon27 has produced detailed studies of the size of the financial sector as a percentage of GDP over the past 150 years. The ratio was less than 3% during the years preceding World War I, but was to shoot up afterwards, collapsing during the Great Depression, but growing seemingly in an unstoppable manner since the end of Worl
... See moreSaifedean Ammous • The Bitcoin Standard: The Decentralized Alternative to Central Banking
(total global debt is now $244 trillion, three times the size of the world economy)
P.J. O'Rourke • A Cry from the Far Middle: Dispatches from a Divided Land
The Practical MBA on Economics: What They Do & Don’t Teach You At Business School- A Focus on Inflation!
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