"Words ought to be a little wild, for they are the assault of thoughts on the unthinking" - JMK
- Yglesias connects the Jetsons to Keynes's "Economic Possibilities for our Grandchildren", one of my favorite essays of his. Yglesias doesn't work the complete logic out, but he notes a reason why I think Keynes was ultimatey wrong about work hour predictions: leisure isn't always consumption-free. Modern leisure is very consumption-heavy. We'll have to work for that. Aside from questions of increased leisure and the role of consumption in the future, I don't think we're done investing, which is a more fundamental reason why Keynes was wrong! The previous post was about visiting and presumably eventually settling Mars. Once we actually have a nascent colony on Mars, do you think the the marginal efficiency of capital is going to be driven to zero? Ummm... no. Once we have a human footprint on Mars it will be several centuries until we see that again, I think. We will get wealthier which means more people will trade of labor for leisure. I have no doubt there will be some of the substitution, and there ought to be! That's the fruit of progress, which we ought to enjoy. But we aren't finished yet, and we never will be. There is plenty more investment to do. In the long run, we're simply on another frontier.
- Poetry from Gary.
- A new post from Evan.
- The new Review of Austrian Economics is out.
- An anonymous commenter shares this story about ridiculous pricing of some Amazon books. He ties it to very thin markets, which may play a role, but it also simply has to do with algorithmic trading, as Brad DeLong points out. That makes you really wonder about the old claims of market socialists that advances in computer technology could make socialism more viable!