economics

This action had a subtle but negative effect on the stock market, particularly on old economy stocks that are traditionally more affected by interest rate direction. New economy technology stocks proved relatively immune to rising rates in 1999—but not in 2000.

In that sense the financial repression tax is no different from the currency undervaluation tax or the lagging wage growth tax, except that the taxes are paid by a different set of households in each case and delivered to a different set of producers in each case.

The socialism of Diocletian was a war economy, made possible by fear of foreign attack. Other factors equal, internal liberty varies inversely as external danger.

Anduril and Power Laws

When Anduril launched in 2017, it was famously met with a ton of skepticism. Some of it came from the fact that investors found defense distasteful, but a lot of it came from a lack of knowledge about the defense industry.

Competing with the five Defense Primes? Yuck. Hardware? Yuck. Selling to the government? Yuck.

What

Population Increase = 61.98%

GNI Per Capita Increase = 287.44%

As we can see, although India has experienced high population growth, its GNI per capita has increased at a faster rate. As a result, the quality of life in India has risen. This has given India more options for pursuing economic growth. As we discussed last week, energy = life, and

But customer support isn't really "selling work" in the way the argument orginally meant. A resolved support ticket is a binary state change. Did the customer's problem go away? Yes or no. The outcome is measurable not because the "work" is well-defined, but because the absence of a problem is well-defined. Attribution is unambiguous: the AI either

speed truly is of the essence in the AI race—and few would deny that it is—natural gas is by far the best solution… Will natural gas be the bridging fuel that carries the AI boom along until a full nuclear renaissance can be realized? All the signs are there. At an exponential rate that would surely make Kurzweil smile, the molecule might flip

Smoot-Hawley was a failure at its time, but its failure tells analysts very little about the effect that tariffs would have on the United States today. That is because now, unlike then, the United States is not producing far more than it can consume. Ironically, the history of Smoot-Hawley says a lot more about how tariffs today would affect a