50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
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50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
All markets are created and have rules and conditions. What constitutes a market is always a political definition.
Tom Butler-Bowdon • 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
Picasso said of computers: “But they are useless. They can only give you answers.” Computers don’t yet know how to ask better questions or do anything that goes beyond the framework of their programming. “We’ve never seen a truly creative machine, or an entrepreneurial one, or an innovative one,” Brynjolfsson and McAfee write.
Tom Butler-Bowdon • 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
when werethese sttemnts made? arethey stll relevant
inequality leads to the richest in society “capturing” government to further their own interests, meaning fewer opportunities for others. Rising inequality leads to stagnation and decline which not even the democratizing power of technology can cancel out.
Tom Butler-Bowdon • 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
ICT, for example, has had the biggest effect when used alongside business process innovation such as lean manufacturing, or management concepts such as Total Quality Management and Six Sigma.
Tom Butler-Bowdon • 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
there always seems to be a substantial lag between the introduction of a technology and increasing productivity across the economy. For example, despite the introduction of electricity to American factories in the 1890s, there was no labor productivity surge for another twenty years. Initially, factories simply replaced steam engines with electrica
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theres a gap between the launch of a new technology and an expansive perspective onits utilitytht alliws it to deliver in te inventors promises.this s where we are with AI. Im guilty of affixing gptto my models, but perhaos itrequires anentire reimagination of how wedeliver
The marginal value and benefits of extra education decrease with every extra unit of education obtained,
Tom Butler-Bowdon • 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
actual money capital invested in one’s education or training is only part of the total investment. The majority is in the opportunity cost of time invested in doing so. As the value of a person’s time rises as their amount of education rises, the cost of obtaining further education may not make sense in market terms.
Tom Butler-Bowdon • 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
As an investment in a college education involves a fair degree of risk (anything can happen with the economy, with our health, and our skills and knowledge can be made obsolete), and is extremely illiquid (our education can’t be separated from ourselves and sold off),
Tom Butler-Bowdon • 50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy (50 Classics)
The US Small Business Administration concluded in a 2003 study that “A small firm patent is more likely than a large firm patent to be among the top 1 percent” of innovations that make a commercial difference.