Sublime

George Stigler, a thirty-five-year-old economist at the University of Minnesota. Inflation had diluted the 40-cent minimum wage, and people were calling for an increase to 60 or even 75 cents an hour, which translates to $9.51 and $11.88 in June 2022 dollars. “Economists have not been very outspoken on this type of legislation,” Stigler wrote. “It

In some

However, these systems have an unfortunate tendency to concentrate power often excessively,

And so, “maintain purchasing power” as a property of money can only sensibly mean: If, at t0, it can purchase a given proportion of the whole output of the economic network, then, at t1, it can purchase that same proportion.

It has since triggered a positive feedback loop. A significant part of the venture capital community has adopted Carlota’s system as the bedrock of their investment theses. In turn, investors echoing Carlota’s ideas in their day-to-day practices have had the effect of getting her even more interested in technology. As of now, Carlota has become one