- Ryan Murphy has a question about Keynesianism that I have no answer to. Do readers have any thoughts on this?
- Tyler Cowen speculates on alien economics. I do have thoughts on this but don't have time to answer in too much detail here. In brief, I have a hard time imagining that technologically advanced and intelligent aliens wouldn't develop market economies of some sort, so long as their intelligences are distinct. If there's some kind of mind-meld going on, perhaps the price mechanism would be superfluous. We're at an unusual inflection point in human history - as we get more technologically advanced, I generally disagree with Keynes that we'll somehow sit around and enjoy leisure. Ideally inter-planetary and inter-stellar investment opportunities will emerge and we'll continue to invest. If that doesn't pan out, it seems to me human leisure has a tendency to be heavy on consumption. So regardless on the route we take, I don't think we're likely to sit around and enjoy leisure (which might result in the emergence of socialism - what's the use of a market if you satiate needs?). What do you all think?
- Bob Murphy comes back from the Keynesian brink with his silly liquidity preference talk and writes this. I haven't had the time to sit down and give it my complete attention. Have you? What do you think?
Consequentialism, Part II
29 minutes ago