Sublime

We are now in a situation that is the opposite of the 1970s. Then there was a capital shortage. Now there is a capital surplus. Interest rates are historically low not because the central bank’s policies make it so. They contribute to it. But the fundamental problem is that there is a tremendous pool of money available for investment and a

Two great problems in Economics Allocation in the Economy Quantities: General equilibrium, international trade, game-theory outcomes . . . Formation in the Economy Processes: Of econ development, discovering novel technologies, structural change, arrival of new institutions, temporary phenomena like bubbles, crashes . . . The former is

The difference between however you value this presumably enormous amount of time and energy and the cost you actually pay for the inputs, is exactly the value created by money intermediating a much more specialized series of exchanges.

There frankly is a hell of a lot of value in the game theory and economics literature.

But this sort of omnivorous eclectic mindset, which is very much what the SFI is, that is an aspect of physics that has been built into the genome of the SFI. That’s what would be necessary to be able to go after those kinds of aspects of conventional economics, which are just sitting there and have been for over half a century. Nobody’s actually