Matthew Rognlie’s analysis of Thomas Piketty’s predictions on increasing inequality is on point regarding both the role of housing and the poor substitutability of capital for labor, but it’s blind to the very existence of money and to the role of the interest rate on risk-free bank deposits in determining the costs of real investments. The returns on  [ Read More ]

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In the real world, we have an equation the cracking of which could save mankind. *This text contains very minor spoilers regarding the movie Interstellar. Ones that should not destroy the movie experience.* After not having gone to the movies in ages, I recently watched Interstellar with a bunch of friends. It sparked a lot of deep  [ Read More ]

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Spending billions on answers is all in vain if the question is wrong. Job creation is not the only area where we have been asking terribly wrong questions for way too long. WARNING: This text contains spoilers regarding The Hitchhiker’s Guide to the Galaxy. Douglas Adams’s The Hitchhiker’s Guide to the Galaxy is a masterful  [ Read More ]

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If we now taxed fossil fuels out of use and later discovered that the climate change hypothesis was an error or a hoax, would we be angry at ourselves for quitting fossil fuels “too soon”? Even if we rejected anthropogenic climate change, there is only one standing argument for continuing the depletion of irreplaceable resources  [ Read More ]

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