But there’s a dark side behind the advance of productivity: Cheaper goods need cheaper workers
“During WWII, statistician Abraham Wald was asked to help the British decide where to add armor to their bombers. After analyzing the records, he recommended adding more armor to the places where there was no damage!”
Wald had data only on the planes that returned to Britain so the bullet holes that Wald saw were all in places where a plane could be hit and still survive. The planes that were shot down were probably hit in different places than those that returned so Wald recommended adding armor to the places where the surviving planes were lucky enough not to have been hit.
Minsky, who has followers on both the left and right, argued: socialise the banking system, rip up regulation for the private sector non-financial economy so it can grow, and abolish welfare, making the state the employer of last resort but forcing the unemployed to work.
Minimum viable products are about learning what you need to build.
It’s a bad idea to raise taxes on working Americans in a weak economy and with interest rates so low the gains from reducing the deficit from current spending are low. Our political system is so dysfunctional, however, that Republicans may fail to support effective tax cuts precisely because a Democratic President regards them as important for economic growth.
So let’s review: We are increasingly taking easy credit, routine work and government jobs and entitlements away from the middle class — at a time when it takes more skill to get and hold a decent job, at a time when citizens have more access to media to organize, protest and challenge authority and at a time when this same merger of globalization and I.T. is creating huge wages for people with global skills (or for those who learn to game the system and get access to money, monopolies or government contracts by being close to those in power) — thus widening income gaps and fueling resentments even more.
Put it all together and you have today’s front-page news.
The institutions of advanced economies are being ever more perfectly tuned for wealth extraction. The result, of course: impoverishment.
A young person could be forgiven for believing that the way in which economic and social policy is now conducted is little less than a conspiracy by the middle-aged against the young.
The best money during the nascent years of a business is patient for growth but impatient for profit.
That was what the currency union always implied: entire peoples had to change their ways of life. Conceived as a tool for integrating Germany into Europe, and preventing Germans from dominating others, it has become the opposite. For better or for worse, the Germans now own Europe. If the rest of Europe is to continue to enjoy the benefits of what is essentially a German currency, they need to become more German. And so, once again, all sorts of people who would rather not think about what it means to be “German” are compelled to do so.
Interesting & Interested
… it helps to be both. These are the two ways you earn attention.
If it’s so obvious, why is it so difficult?
Iteration is not an excuse to release a crappy product.
(Source: twitter.com)
Stuck is a state of mind, and it’s curable.
The information is true enough. It is slanted. It is propagandistic. But it is not false.
Growth for the sake of growth is the ideology of the cancer cell.
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