Stealing is a Bad Thing — Part 4

There comes a time in every endeavour when it becomes imperative that one does a bit of arithmetic. As the late John McCarthy used to say, “Those who refuse to do arithmetic are doomed to speak nonsense.” Doing a bit of arithmetic is important not only to avoid nonsense but also to get a feel for what we normally would miss since our brains are not naturally attuned to figuring out the state of the world without the help of numbers. In this piece I lean upon a few sums to help me understand the broad implications one factor of economies – namely their growth rates.
Continue reading