cf, Eric Falkenstein
Posts tagged with economics
It’s true that the financial sector enjoyed disproportionate rents but it’s not true that the smartest and brightest work there. …[T]he place is littered with failed scientists. Worse, it’s littered with idiot savants. There are once in a while people working there who have trained for the job — Very good PhDs in finance and economics, for example, or good M&A lawyers, and they usually strike me as the ones who offer the best contributions to their organizations.
Democrats have typically argued that no one company should control more than one-third of existing mobile spectrum—to ensure the existence of at least 3 competitors.
Republicans maintain that spectrum ought to be allocated through open markets — if a company has succeeded in attracting customers and cash flow, it deserves access to the spectrum necessary to serve them.
Bruce Gottlieb, US antitrust lawyer
Step one. Appeal to market liberalisation, the benefits of competition, private over public management, and capitalism-as-servitude.
Step two. Social Darwinism. Whoever “won” the market gets licence to a rival public resource (spectrum), preventing new entrants and locking in their lead over existing competitors.
Step two-and-a-half. What happened to the benefits to consumers? What happened to competition? Now the justification for the state granting monopoly has become to incent “winning”. Let’s hope the winner didn’t use money from another line of business to snatch the lead at this particular point in time.
Step three. Winner takes all. Survival of the fittest indeed.
(Source: The Atlantic)
I’m sorry to say I too have used the lazy robo-programmers metaphor. That was uncareful non-thinking on my part.
Trying to be more logical, what should we really conclude from the assumption that observed ↑ growth in “computer stuff” will continue apace?
There are very few facts I think “everyone should know”. The huge income differences across countries are an exception.
Everyone should know that income per person in Burundi is about 1% of in the U.S. (yes, even though there’s a recession on).
And everybody should know a rough quantitative history of the world.
13 minutes by Tyler Cowen & Alex Tabarrok