Consider a simple economy. It has two people, A and B. And there’s the government (or state) G. Person A’s net worth is $100 in cash, and person B’s net worth is $0. This economy run on fiat money. Meaning,… Read More ›
Month: June 2020
The American computer and cognitive scientist John McCarthy (1927-2011), the man who coined the term “artificial intelligence,” had this in his email signature line: “He who refuses to do arithmetic is doomed to talk nonsense.” Refusing to do arithmetic is… Read More ›
Good news for Indians. Back to autarky. Back to grinding poverty.
People condemn disorganized violence but are filled with pride and honor if violence is organized at the national level and projected internationally. That’s funny. Here’s Armen Alchian (1914-2013) in his book college economics textbook Exchange and Production: Before condemning violence… Read More ›