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korrents.com
Efforts to rebuild American industry will fail until global trade and financial imbalances rebalanceTheir words
Until the global economy rebalances, efforts to rebuild American industry are fighting economic gravity.
What public figures publish and believe, in their own words.
About this feed
Highlights: posts that did unusually well for the person who wrote them, everything they published at length, each release and new project, and every belief — at most two a day from anyone. Day by day, newest day first; within a day, the people with the most beliefs on this site come first. Nothing else orders it. Show everything instead.
The quoted blocks are what people actually said; a beneath one is the belief those words support, in korrents' wording. Nobody here wrote their own page.
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All of Economics
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Top people in Economics
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7 April 2025
6 April 2025
From one piece America Underestimates the Difficulty of Bringing Manufacturing Back 5 beliefs, in the piece's order there
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korrents.com
Tariffs on imported components and machinery hurt the American manufacturers they are supposed to help.Their words
They applied the same tax to the components that you need to make things in America that they did to finished goods that were made outside of America.
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Their words
It’s the work ethic, knowhow, commitment, combined with top notch infrastructure, that makes China the most powerful manufacturing country in the world today.
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Their words
When the United States applied tariffs to China, it shifted huge amounts of manufacturing to Vietnam, which did not have tariffs applied to it.
+ 2 more
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korrents.com
Uncertainty about how long a tariff will last, not the rate itself, is what stops anyone from building a factory.Their words
The tariffs have frozen business activity because no one wants to take a big risk dependent on a policy that may change next week.
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Their words
Since the year 2000, US electricity generation per person has been flat.
1 April 2025
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Their words
These systems will be absolutely central to the economy, technology, and national security, and will be capable of so much autonomy that I consider it basically unacceptable for humanity to be totally ignorant of how they work.
31 March 2025
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Their words
But, tariffs are unavoidable, even within the ringfence that is US energy trade, and even within electricity trade more specifically.
27 March 2025
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korrents.com
The old Canada-US relationship, built on ever-deeper economic integration and tight security cooperation, is over.Their words
The old relationship we had with the United States based on deepening integration of our economies and tight security and military cooperation is over.
3 March 2025
19 February 2025
From one piece Selfishly Speaking, Who Should Skip College? 2 beliefs, in the piece's order there
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Their words
Since signaling, not building human capital, is the main function of education, the main effect of government subsidies is credential inflation.
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Their words
Despite misleading statements by mainstream education economists, college attendance in particular is not a good career investment for most of the population.
12 February 2025
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korrents.com
American aid spending has been flat in real terms since 1945 even as the American economy grew tenfold.Their words
Even as GDP has grown tenfold, US aid budgets have remained basically flat in real terms—the result (one might guess) of a delicate balancing act between bipartisan consensus among elites and a wariness of attracting too much negative attention.
3 February 2025
From one piece DeepSeek, China, OpenAI, NVIDIA, xAI, TSMC, Stargate, and AI Megaclusters | Lex Fridman Podcast #459 5 beliefs, in the piece's order there
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Their words
The important thing about, hey, is cost a limiting factor here? My view is that we'll have really awesome intelligence, like AGI, before we have it permeate throughout the economy.
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Their words
To some extent, training a model does effectively nothing. They have a model. The thing that Dario is sort of speaking to is the implementation of that model, once trained to then create huge economic growth, huge increases in military capabilities, huge increases in productivity of people, betterment of lives.
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Their words
So, Japan has a law which you're allowed to train on any training data and copyrights don't apply if you want to train a model, A. B, Japan has 9 gigawatts of curtailed nuclear power. C, Japan is allowed under the AI diffusion rule to import as many GPUs as they'd like.
+ 2 more
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Their words
if you believe we're in this sort of stage of economic growth and change that we've been in for the last 20 years, the export controls are absolutely guaranteeing that China will win long-term.
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Their words
it won't be one person rule them all, but it will be, the thing I worry about is it'll be few people, hundreds, thousands, tens of thousands, maybe millions of people rule whoever's left and the economy around it.
2 February 2025
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Recommendsrcmnd.app
Who We Are and How We Got HereTheir words
Foundation, The Lessons of History, Unqualified Reservations, A Short History of Nearly Everything, The Selfish Gene, Albion's Seed, War and Peace and War, Stalin's War, Energy and Civilization, Who We Are and How We Got Here, The Ancient City, The Fourth Turning, The Grey Lady Winked
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Recommendsrcmnd.app
The Selfish GeneTheir words
Foundation, The Lessons of History, Unqualified Reservations, A Short History of Nearly Everything, The Selfish Gene, Albion's Seed, War and Peace and War, Stalin's War, Energy and Civilization, Who We Are and How We Got Here, The Ancient City, The Fourth Turning, The Grey Lady Winked
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Recommendsrcmnd.app
Albion's SeedTheir words
Foundation, The Lessons of History, Unqualified Reservations, A Short History of Nearly Everything, The Selfish Gene, Albion's Seed, War and Peace and War, Stalin's War, Energy and Civilization, Who We Are and How We Got Here, The Ancient City, The Fourth Turning, The Grey Lady Winked
+ 2 more
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Recommendsrcmnd.app
Stalin's WarTheir words
Foundation, The Lessons of History, Unqualified Reservations, A Short History of Nearly Everything, The Selfish Gene, Albion's Seed, War and Peace and War, Stalin's War, Energy and Civilization, Who We Are and How We Got Here, The Ancient City, The Fourth Turning, The Grey Lady Winked
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Recommendsrcmnd.app
The Fourth TurningTheir words
Foundation, The Lessons of History, Unqualified Reservations, A Short History of Nearly Everything, The Selfish Gene, Albion's Seed, War and Peace and War, Stalin's War, Energy and Civilization, Who We Are and How We Got Here, The Ancient City, The Fourth Turning, The Grey Lady Winked
21 January 2025
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On changing their mind
Having fallen into the East Asia - Africa Trap before, I can tell you precisely why so many people make this mistake.
20 January 2025
From one piece The Inaugural Address 3 beliefs · whitehouse.gov
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korrents.com
The inflation of the early 2020s was caused by government overspending and rising energy prices.Their words
The inflation crisis was caused by massive overspending and escalating energy prices, and that is why today I will also declare a national energy emergency.
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Their words
President McKinley made our country very rich through tariffs and through talent — he was a natural businessman
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Their words
America will be a manufacturing nation once again, and we have something that no other manufacturing nation will ever have — the largest amount of oil and gas of any country on earth — and we are going to use it.
19 January 2025
From one piece Jennifer Burns: Milton Friedman, Ayn Rand, Economics, Capitalism, Freedom | Lex Fridman Podcast #457 4 beliefs, in the piece's order there
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Their words
And almost single-handedly, Friedman will introduce political and ideological diversity into the field of economics because, from his beachhead in Chicago, he will develop the theory of monetarism.
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Their words
Friedman and Schwartz becomes the playbook for the Federal Reserve. We have lived through this, the financial crisis. The Federal Reserve is ready to loan. Covid, the Federal Reserve does all kinds of new things, because no Federal Reserve chair wants to be in Friedman-Schwartz 2.0 that somebody writes, where they're the bad guy who let the economy meltdown.
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inflationimmigrationgovernment
Their words
And so my argument is, that has now opened the door to the presidency of Donald Trump, which is potentially a deeply transformative moment that will change the size and shape of government, that may change our foreign policy profoundly, that may change our immigration policy, that may change the demographics of our country, all of that, and my thesis is that that's all been made possible by inflation.
+ 1 more
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Their words
And so the great mistake of the past years was to forget how fundamental inflation was to the rise of the last political order and to profoundly underestimate how much inflation would change the current political order.
8 January 2025
From one piece Full Steam Ahead: All Aboard Fiscal Dominance 3 beliefs, in the piece's order there
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korrents.com
The United States is not at risk of a financial crisis caused by the size of its government debt.Their words
Stabilizing factors such as the global demand for U.S. dollars and debt denominated in its own currency suggest an era of fiscal dominance in the U.S. that's less dramatic than alarmists predict but more persistent and intractable than optimists hope.
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Their words
Since inflation is not primarily driven by private-sector lending in the current environment, making borrowing more expensive will not significantly cool the economy.
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Their words
Structural fiscal deficits have surpassed private sector lending and monetary policy as the primary drivers of economic activity and inflation, marking a fundamental shift in the economy's liquidity dynamics.
31 December 2024
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Their words
There’s still plenty to worry about with respect to the environmental impact of the great AI datacenter buildout, but a lot of the concerns over the energy cost of individual prompts are no longer credible.
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korrents.com
Reading fiction is necessary to an engineer's creative capacity; reading only technical books drains itTheir words
Yet, I also need to read fiction because if I only read tech books, they take away my creative energy rather than grant it, as fiction does.
22 December 2024
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Their words
There's the first law of thermodynamics, which is just about the different forms of energy. Then there's the second law, which is about when you use that energy, Kardashev wasn't thinking about the second law. If you get all that energy and you use it, there is waste heat. You don't get to use it all.
17 December 2024
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Lovedrcmnd.app
The New MapTheir words
Pulitzer Prize-winning author Daniel Yergin explores the changing landscape of energy, geopolitics, & climate change.
5 December 2024
From one piece Vertical farming: a local solution for greens, but not feeding the world any time soon 2 beliefs, in the piece's order there
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korrents.com
Cereals will stay an outdoor crop, because the energy to grow them indoors costs far more than the grain is worth.Their words
Without some crazy technological breakthrough, cereals are are going to be an outdoor-only crop for a long time.
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korrents.com
Vertical farming swaps a land problem for an energy problem, and the energy cost is what stops it feeding the world.Their words
What stands in the way is energy demand. Growing crops indoors is energy-intensive. So we’re really swapping a land problem for an energy one.
1 December 2024
From one piece Does Women’s Rise trigger Backlash? 2 beliefs, in the piece's order there
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Their words
Since women did not pose an economic threat, far-right politicians have instead galvanised society-wide opposition to immigration.
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korrents.com
A backlash against women's economic rise is not automatic; it happens only where politicians choose to mobilise it.Their words
So even though women’s economic advancement did displace some men, and triggered some private hostility, it was never actually catapulted into social antagonism. This is primarily because it was never leveraged by political entrepreneurs!
9 November 2024
From one piece Solar and batteries for generic use cases 3 beliefs, in the piece's order there
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Their words
Inert glass rectangles that, placed on the ground, print out wealth, at roughly 100x the rate of the best farm land.
Solar and batteries for generic use casescaseyhandmer.wordpress.com
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Their words
For loads below $1000/kW, intermittent operation with some modest solar array oversizing is the winning strategy. Above $1000/kW, we charge and discharge batteries daily to run them.
Solar and batteries for generic use casescaseyhandmer.wordpress.com
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Their words
A battery that’s discharging every day gets great utilization, but one that’s only there in case the sun doesn’t come up for two days in a row, barely gets used.
Solar and batteries for generic use casescaseyhandmer.wordpress.com
1 November 2024
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korrents.com
Japan's decades of stagnation were caused by its shrinking working-age population rather than by its monetary policy.Their words
The key difference wasn't policy - it was demographics. Japan's working-age population is shrinking.
13 October 2024
1 October 2024
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korrents.com
Meaning in human life comes mostly from relationships and connection rather than from economic labour.Their words
In any case I think meaning comes mostly from human relationships and connection, not from economic labor.
27 September 2024
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Their words
Each shift takes its toll, and everyone has a limit of how much energy they’re willing to expend on a new platform that will eventually, like its predecessors, join the graveyard of defunct websites.
24 September 2024
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Their words
Since then, these unconventional monetary policies have increasingly become the dominant force moving asset prices.
15 September 2024
20 August 2024
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Their words
We got inflation, but we did not get the devastation that would have been caused by price controls and rationing.
1 July 2024
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Recommendsrcmnd.app
The Wages of DestructionTheir words
Some audiobook recommendations: The Story of Civilization by Durant Iliad (Penguin Edition) The Road to Serfdom by Hayek American Caesar by Manchester Masters of Doom by Kushner The Wages of Destruction by Tooze The Storm of Steel by Junger The Guns of August by Tuchman
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Recommendsrcmnd.app
The IliadTheir words
Some audiobook recommendations: The Story of Civilization by Durant Iliad (Penguin Edition) The Road to Serfdom by Hayek American Caesar by Manchester Masters of Doom by Kushner The Wages of Destruction by Tooze The Storm of Steel by Junger The Guns of August by Tuchman
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Recommendsrcmnd.app
The Guns of AugustTheir words
Some audiobook recommendations: The Story of Civilization by Durant Iliad (Penguin Edition) The Road to Serfdom by Hayek American Caesar by Manchester Masters of Doom by Kushner The Wages of Destruction by Tooze The Storm of Steel by Junger The Guns of August by Tuchman
+ 2 more
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Recommendsrcmnd.app
Storm of SteelTheir words
Some audiobook recommendations: The Story of Civilization by Durant Iliad (Penguin Edition) The Road to Serfdom by Hayek American Caesar by Manchester Masters of Doom by Kushner The Wages of Destruction by Tooze The Storm of Steel by Junger The Guns of August by Tuchman
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Recommendsrcmnd.app
American CaesarTheir words
Some audiobook recommendations: The Story of Civilization by Durant Iliad (Penguin Edition) The Road to Serfdom by Hayek American Caesar by Manchester Masters of Doom by Kushner The Wages of Destruction by Tooze The Storm of Steel by Junger The Guns of August by Tuchman
22 June 2024
From one piece Meme Weeding: High Wages and Baumol's Cost Disease 2 beliefs, in the piece's order there
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Their words
In fact, even though growth in average infrastructure costs over time is documented, there is very little cross-national correlation between GDP per capita and per-km subway construction costs.
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korrents.com
New York's subway cost premium is overstaffing, oversized stations and procurement, not high wages.Their words
Well, we’ve divided the New York cost premium into three tranches: labor (mostly overstaffing, not high wages), station and system design, and procurement and soft costs.
13 June 2024
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Their words
I think for me, the frontier in modern physics, where the new physics lies is not in high energy particle physics, it’s not in quantum gravity, it’s not in any of these sort of traditionally sold, “This is going to be the newest deepest insight we have into the nature of reality.” It is going to be in studying the problems of life and intelligence and the things that are sort of also our current existential crises as a civilization or a culture that’s going through an existential trauma of inventing technologies that we don’t understand right now.
10 June 2024
From one piece How to Build an AI Data Center 4 beliefs, in the piece's order there
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Their words
But many of these gains have already been achieved: the best data centers already use just 10% of their electricity for cooling and other non-IT equipment.
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korrents.com
Available power, not land or capital, is what now limits how many data centres get built.Their words
In particular, operating a data center requires large amounts of electricity, and available power is fast becoming the binding constraint on data center construction.
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Their words
But there's also reason to believe that data center power consumption will nevertheless rise substantially.
+ 1 more
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Their words
Utility companies see major electrical infrastructure as a long-term investment to be built in response to sustained demand growth.
2 June 2024
29 May 2024
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Their words
The biggest barrier of all, of course, is that the majority of neighborhoods are not allowed to add any housing at all.
25 April 2024
22 April 2024
From one piece Sean Carroll: General Relativity, Quantum Mechanics, Black Holes & Aliens | Lex Fridman Podcast #428 3 beliefs, in the piece's order there
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Their words
I tear my hair out when people who are not physicists accuse physicists, like you say, of losing the plot because they need dark matter and dark energy. I don’t want dark matter and dark energy; I want something much cooler than that. I’ve tried. But you got to listen to the equations and to the data.
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Their words
This is the 2001 monolith hypothesis. I would be less surprised to find a quiescent alien artifact in our solar system than I would to catch a radio signal from an intelligent civilization.
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Their words
I think this is one of the biggest things that physics can help with, and it’s an obvious kind of low-hanging fruit situation where the heat generation, the inefficiency, the waste of existing high-level computers is nowhere near the efficiency of our brains. It’s hilariously worse, and we haven’t tried to optimize that hard on that frontier.
18 April 2024
From one piece How to Make Off Grid Data Centers Affordable 3 beliefs, in the piece's order there
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Their words
The optimal scenario is typically when the generators supply 1% of yearly electricity (shown below).
How to Make Off Grid Data Centers Affordableaustinvernon.site
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korrents.com
A data centre powered by solar and batteries alone needs an array so oversized that the design is not worth building.Their words
The solar array sizes under these assumptions are prohibitively large.
How to Make Off Grid Data Centers Affordableaustinvernon.site
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Their words
The cooling systems in most data centers are energy hogs and contribute no direct value.
How to Make Off Grid Data Centers Affordableaustinvernon.site
2 April 2024
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Likedrcmnd.app
The Little House on the PrairieTheir words
There are children's books that have summoned this energy for us—Torbjørn Egner, The Little House on the Prairie, Harry Potter—but generally speaking, children's books are a drag.
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Likedrcmnd.app
Harry PotterTheir words
There are children's books that have summoned this energy for us—Torbjørn Egner, The Little House on the Prairie, Harry Potter—but generally speaking, children's books are a drag.
1 April 2024
25 March 2024
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Their words
If a Chinese spacecraft can dock with a friendly satellite to refuel, repair, or transport it, the same robotic arm can also disable a US satellite’s solar panels and antennas. Alternatively, China can use these spacecraft to tow satellites into locations where they can, at best, only sub-optimally perform intended duties such as early warning, surveillance, or geolocation.
18 March 2024
From one piece Sam Altman: OpenAI, GPT-5, Sora, Board Saga, Elon Musk, Ilya, Power & AGI | Lex Fridman Podcast #419 4 beliefs, in the piece's order there
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Their words
But compute is different. Intelligence is going to be more like energy or something like that, where the only thing that I think makes sense to talk about is, at price X, the world will use this much compute, and at price Y, the world will use this much compute.
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Their words
The way I think about it is not what percent of jobs AI will do, but what percent of tasks will AI do on over one time horizon. So if you think of all of the five-second tasks in the economy, five minute tasks, the five-hour tasks, maybe even the five-day tasks, how many of those can AI do?
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Their words
I think when a system can significantly increase the rate of scientific discovery in the world, that’s a huge deal. I believe that most real economic growth comes from scientific and technological progress.
+ 1 more
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Their words
I think the question behind that question is, do people who create valuable data deserve to have some way that they get compensated for use of it, and that I think the answer is yes. I don’t know yet what the answer is. People have proposed a lot of different things. We’ve tried some different models. But if I’m like an artist for example, A, I would like to be able to opt out of people generating art in my style. And B, if they do generate art in my style, I’d like to have some economic model associated with that.
4 March 2024
From one piece Serhii Plokhy: History of Ukraine, Russia, Soviet Union, KGB, Nazis & War | Lex Fridman Podcast #415 2 beliefs, in the piece's order there
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Their words
And each major accident, that means global freeze on the nuclear reactor production for at least another 10 years. So that’s what I mean that nuclear industry is politic, not just in terms of technology and not just in terms of radiation, impact on health, but also politically a very, very unreliable option.
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Their words
And then guess what? A few years later, the Soviet Union collapses very much also thanks to the mobilization of people over the issue of Chernobyl and nuclear energy.
28 February 2024
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Their words
With more and more models being developed, each with different capabilities and a cost structure, model routing has clear economic values.
22 February 2024
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Lovedaffiliate linkrcmnd.app
JamesTheir words
Briefly, James is Huckleberry Finn retold from the perspective of Jim. It has all the energy and humor of Twain's work—in Everett's own unique voice of course—and adds a whole new level of depth to the story.
6 February 2024
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korrents.com
Most projects fail before they even begin because the activation energy required to start is too high.Their words
Most projects fail before they start. They fail because the activation energy is too high.
23 January 2024
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Their words
And Xi Jinping has formally de-prioritized economic growth as China’s top task.
14 December 2023
From one piece Jeff Bezos: Amazon and Blue Origin | Lex Fridman Podcast #405 3 beliefs, in the piece's order there
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Their words
Compromise, the advantage of compromise as a resolution mechanism is that it's low energy, but it doesn't lead to truth. And so in things like the height of the ceiling where truth is a noble thing, you shouldn't allow compromise to be used when you can know the truth.
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Their words
So if I generalize what you're asking, you are talking in general about truth-telling and we humans are not really truth-seeking animals. We are social animals.
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Their words
I would love to see a trillion humans living in the solar system. If we had a trillion humans, we would have, at any given time, 1,000 Mozarts and 1,000 Einsteins. That our solar system would be full of life and intelligence and energy.
9 December 2023
From one piece Food, land, work and rent: the real story of Vallis Veg 2 beliefs, in the piece's order there
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Their words
wherever in the world can be found the cheapest assemblage of land, labour, energy and capital to produce a given food commodity, that will be a preferential site of its production.
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Their words
In my opinion, normal market economics is incentivising the wrong things. I think its preference for horse liveries or campsites over vegetables and other local food production will lead us to disaster
3 December 2023
From one piece Lisa Randall: Dark Matter, Theoretical Physics, and Extinction Events | Lex Fridman Podcast #403 2 beliefs, in the piece's order there
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Their words
In fact, I would say it’s more surprising that the matter that we know about is constitutes as big a fraction of the universe as it does. We’re limited, we’re human. The fact that we see 5% of the energy density of the universe, about one sixth of the energy density in matter, that’s remarkable.
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korrents.com
Physicists actively want the standard model to break down, because only the deviations can tell us what underlies it.Their words
One of the things we do as physicists is we actually want it to break down at some level, we’re looking for the precision measurement or the energy or whatever it will take where the standard model is no longer working. Not that it’s not working approximately, but we’re looking for the deviations.
27 November 2023
17 November 2023
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korrents.com
Economic interdependence does not prevent war, because survival always trumps prosperity.Their words
The point is that economic interdependence at its root has prosperity as the core variable. In the realest story, the core variable is survival, and survival always trumps prosperity.
10 November 2023
From one piece Permitting Reform Or Death 2 beliefs, in the piece's order there
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korrents.com
The binding constraint on building anything in America is permitting and litigation, not money.Their words
Yet solar development is hopelessly snarled by dozens of different development regulations which begin with the assumption that it will permanently and severely harm the environment unless proven otherwise, at exhaustive length.
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korrents.com
Delay in permitting clean energy kills more Americans every year than the September 11 attacks did.Their words
The terrorist attacks on 9/11 killed 2996 people in a day of singular horror. Our ongoing indifference to regulatory inefficiency, considering only the area of green energy development, kills more people every year – more than 10 people per day, and that’s only within the US.
9 November 2023
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Their words
So energy usage right now is roughly one third, very rough terms, one third electricity, one third transport, one third heating. And so in order for everything to go sustainable, to go electric, you need to triple electricity output.
8 November 2023
6 November 2023
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Their words, before
If the future is like the past, this implies that debt rollovers—that is, the issuance of debt without a subsequent increase in taxes—may well be feasible. Put bluntly, public debt may have no fiscal cost.
Their words now
Across advanced economies, the celebrated ( r - g ), i.e., the difference between the interest rate and the growth rate, appears to have durably changed sign or, at a minimum, to have gone from a substantially negative number to a number closer to zero.
From one piece If markets are right about long real rates, public debt ratios will increase for some time 2 beliefs · piie.com
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Their words
Thus, once current debt has been refinanced and the average interest on debt reflects the higher long rates, absent changes in policy, debt ratios will increase.
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Their words
It is fair to say that, while economists expected the short end of the yield curve to reflect the higher rates needed to win the fight against inflation, the sharply steeper long end of the yield curve in the last few months has come as a surprise. I shall freely admit that I did not predict it.
25 October 2023
From one piece Age of Invention: Lessons from the Rise of Coal 2 beliefs, in the piece's order there
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Their words
Yet lime is a huge blind spot for economic historians, despite it increasing the productivity of what was still by far the largest portion of the economy: agriculture.
Age of Invention: Lessons from the Rise of Coalageofinvention.xyz
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Their words
The Dutch Republic’s Golden Age did not fail because it lacked energy sources.
Age of Invention: Lessons from the Rise of Coalageofinvention.xyz
16 October 2023
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Their words
We believe technology is a lever on the world – the way to make more with less. Economists measure technological progress as productivity growth: How much more we can produce each year with fewer inputs, fewer raw materials. Productivity growth, powered by technology, is the main driver of economic growth, wage growth, and the creation of new industries and new jobs, as people and capital are continuously freed to do more important, valuable things than in the past.
1 October 2023
From one piece GOAT: Who is the Greatest Economist of all Time and Why Does it Matter? 5 beliefs, in the piece's order there
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Their words
It is a sign that Hayek was not so great at seeing the viewpoints of other people, and that (political moralizing aside) also should count as a weakness of him as an economist and social scientist.
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Their words
Of all the contenders for GOAT, Smith seems to be clearly the worst economist, with the possible exception of Malthus.
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korrents.com
Interest rates have little effect on investment, and central banks have limited control over real interest rates.Their words
In the actual data, interest rates don’t seem to drive investment that much, and furthermore central bank influence over the real rate of interest typically is limited.
+ 2 more
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korrents.com
Milton Friedman was the best economist among the plausible candidates for greatest economist of all time.Their words
Friedman has one big factor in his favor, namely that he is clearly the best economist on the list of contending names.
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Their words
Virtually all contemporary economics of note is empirical work
5 September 2023
From one piece Biofuels: the US could switch to electric cars and solar power on just a fraction of the land 3 beliefs, in the piece's order there
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korrents.com
Biofuels cannot supply enough energy to matter for a country like Britain or to replace all transport fuels.Their words
The US uses a UK-sized amount of land to grow biofuels.4 In return, it accounts for around 10% of the country’s motor gasoline supply.
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Their words
You can drive about 150 times as far from a solar-powered electric car compared to using corn bioethanol.
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korrents.com
We worry about the land solar needs while ignoring how wastefully the world already uses its farmland.Their words
While we fret over the amount of land needed for solar, we are often blind to how inefficiently we have used the world’s farmland.
4 September 2023
16 August 2023
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Their words
Physics, chemistry and biology can point out problems, but we need history, economics and philosophy to solve them.
3 July 2023
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korrents.com
Vertical farming swaps a land problem for an energy problem, and the energy cost is what stops it feeding the world.Their words
I explain why in the essay; the TLDR is that they’re energy hogs. The sun is a really awesome source of calories, and it’s kind of dumb not to take advantage of it.
The Food Problem Is Bigger Than Lettucemichaelgrunwald.substack.com
29 June 2023
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korrents.com
Survival can be guaranteed without a universal basic income, by making housing, food and above all energy dirt cheap.Their words
You can make survival guaranteed without UBI. What you have to do, is make housing and food dirt cheap. Right? And that’s the good world. And actually, let’s go into what we should really be making dirt cheap, which is energy.
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Lovedaffiliate linkrcmnd.app
The Great Depression: A DiaryTheir words
This fantastic work is a primary source material to one of the darkest times in American economic history.
6 June 2023
From one piece A Climate Killer Disguised as a Climate Solution 2 beliefs, in the piece's order there
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Their words
an acre of solar panels generates as much energy as 100 acres of corn grown for ethanol.
A Climate Killer Disguised as a Climate Solutionmichaelgrunwald.substack.com
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korrents.com
Land is good at growing food and storing carbon and bad at growing energy, and we have better ways to grow energy.Their words
Land is really good at growing food and storing carbon, but it sucks at growing energy—and fortunately, we have better ways to grow energy.
A Climate Killer Disguised as a Climate Solutionmichaelgrunwald.substack.com
25 May 2023
11 May 2023
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Their words
Ships are great at carrying bulky and heavy stuff with minimal cost and energy usage. We need a battery chemistry that leans into that and sacrifices performance to reduce cost.
Why Battery Powered Cargo Ships are Compellingaustinvernon.site
30 April 2023
21 March 2023
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korrents.com
An AI can already earn an A on a university economics midterm, years earlier than informed forecasters expected.Their words
To my surprise and no small dismay, GPT-4 got an A. It earned 73/100, which would have been the fourth-highest score on the test.
13 March 2023
9 March 2023
4 March 2023
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Their words, before
My view is that it’s going to take more than this regulatory campaign to defeat dynamism in China.
Their words now
What I did not sufficiently appreciate is that a state that would so casually decapitate a sector like online tutoring would also have the will to visit catastrophe upon whole cities.
From one piece 2022 letter 2 beliefs, in the piece's order there
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Their words
And on balance I believe we should think of the Chinese state today as an autocratic regime that is occasionally capable of economic pragmatism rather than a technocratic regime that slips occasionally into Marxist faults.
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Their words
Consider the solar industry, for which the US laid the scientific groundwork, only for Chinese firms to make all the photovoltaic cells.
2 February 2023
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korrents.com
Maintainers of widely used open source software are not adequately funded, and that is a real and unsolved problem.Their words
This experiment started from the observation that despite being critical for the functioning of the Internet—and, by extension, the economy—the role of open-source maintainer has not yet found a sustainable manifestation.
14 January 2023
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Their words, before
The Fed needs PCE inflation to average 1.96% for the remainder of the decade in order to hit their AIT target.
Their words now
I assumed they intended inflation to average roughly 2% during the 2020s.
10 December 2022
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Recommendsrcmnd.app
Of Boys and Men: Why the Modern Male Is Struggling, Why It Matters, and What to Do about ItTheir words
Although his training is not in economics, Richard Reeves draws on economic research, as well as research from the fields of sociology, psychology, and political science, to tell an under-told story. The book explores the problems faced by boys and men, the roots of those problems, and possible policy solutions.
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Recommendsrcmnd.app
The Journey of Humanity: The Origins of Wealth and InequalityTheir words
I particularly appreciated The Journey of Humanity because it is an ambitious and deep story about the past tens of thousands of years of economic development that is also well grounded in a growing economics literature into the deep origins of growth
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Lovedrcmnd.app
Streets of Gold: America's Untold Story of Immigrant SuccessTheir words
Absolutely. It is incredibly enjoyable and readable. The authors, in a way that is very rare for economists, find small stories that paint big pictures for the points they make.
+ 1 more
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Recommendsrcmnd.app
Slouching Towards Utopia: An Economic History of the Twentieth CenturyTheir words
Slouching Towards Utopia is a rich, nuanced story of the interplay of politics, economics, and ideas and how they shaped progress.
1 December 2022
13 October 2022
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Their words
A fascinating account of the economic transformation of Germany under the Nazis
27 September 2022
19 September 2022
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Their words
Drag and tire friction dominate energy expenditure. Engineering effort to improve drag is worth so much more with electric vehicles.
12 September 2022
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Likedrcmnd.app
Wild ProblemsTheir words
How to improve your HUGE major life decisions, like whether/who to marry, whether to have kids, where to live, career paths, and such — where you can’t use the usual checklist/data approach. This economist addresses self-identity, “deepest self”, and “something I was meant to do”. You can’t use a pro/con checklist with an item that says “lose respect for myself”.
7 September 2022
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Their words
But the thing is, you can’t have this if you don’t have an oxygenated planet because it’s all, in the end, it’s about how much energy can you extract from the food you eat? And if you don’t have an oxygenated planet, you can get about 10% out, not much more than that. And if you’ve got an oxygenated planet, you can get about 40% out.
26 August 2022
From one piece Collections: Why No Roman Industrial Revolution? 2 beliefs, in the piece's order there
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Their words
All of which is why simple graphs of things like ‘global historical GDP’ can be a bit deceptive: there’s a lot of particularity beneath the basic statistics of production because technologies are contingent and path dependent.
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Their words
Roman economic growth, because it was a product of institutions instead of technologies, was not durable in the face of those institutions collapsing.
8 July 2022
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Their words
The drone-like architecture of the multicopters is simple, but as the rotors are responsible for keeping the unit at a constant altitude with hover power, they represent an energy-intensive version of VTOLs. Their range is, therefore, short, typically less than 20 miles.
22 June 2022
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Dislikedrcmnd.app
End the FedTheir words
It's a book by a politician, about what you expect. Some interesting tid bits on the history of the Fed but you could get it from Wikipedia.
6 June 2022
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Recommendsrcmnd.app
How the World Really WorksTheir words
But I highly recommend reading him on the subject because he is so good at explaining how the world’s energy systems work today.
1 June 2022
From one piece Fiscal Policy under Low Interest Rates 3 beliefs, in the piece's order there
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Their words
A longer maturity of debt protects the government from a temporary increase in the short run interest rate, and it gives it more time to adjust to a permanent increase.
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Their words
If a fiscal expansion takes place when output is already at potential, monetary policy is likely to tighten, leading to higher interest rates and thus a smaller effect or even no effect of the fiscal expansion on output.
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korrents.com
There is no tight relation between growth rates and interest rates, either theoretically or empirically.Their words
while the growth rate may well affect saving and investment, there is no tight relation between growth rates and interest rates, either on theoretical or empirical grounds.
1 March 2022
28 January 2022
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Their words
the electric technology used for cars only has to beat energy hogs that are below 10% in efficiency, our everyday car. But to qualify for aircraft use, the technology has to equal or beat what is used today, which is at the 30% to 40% efficiency level using modern turboprop or turbofan engines.
3 January 2022
1 January 2022
From one piece 2021 letter 2 beliefs, in the piece's order there
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Their words
It has displayed a stronger record of reform than any other developing country, as the leadership keeps pulling off politically-difficult tasks: shrinking the state sector, re-orienting the economy towards export-led growth after WTO accession, and so on.
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korrents.com
China's cultural and intellectual output to the world is far smaller than its economic weight.Their words
Never has any economy grown so much while producing so few cultural exports.
1 December 2021
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Mixed onrcmnd.app
A Random Walk Down Wall StreetTheir words
A fine intro to investing if you think you can reliably beat the market or that active trading is a good use of energy. If you're already bought in on index funds though, you won't find much here.
1 August 2021
20 July 2021
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Their words
The problem that companies like Apple need to solve is not preventing exploits forever, but a much simpler one: they need to screw up the economics of NSO-style mass exploitation.
A case against security nihilismblog.cryptographyengineering.com
16 May 2021
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Lovedrcmnd.app
The British Industrial Revolution in Global PerspectiveTheir words
The British Industrial Revolution in Global Perspective is the best book on the country’s adoption of sustained economic growth at the turn of the nineteenth century, full stop.
7 April 2021
7 March 2021
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Usesrcmnd.app
FeedlyTheir words
I use Feedly to follow most of the usual economics blogs, as well as dozen or so journals
1 March 2021
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Likedaffiliate linkrcmnd.app
Thinking, Fast and SlowTheir words
Still the definitive book on cognitive biases and behavioral economics.
1 February 2021
From one piece Does energy imbalance (calories in > out) cause obesity? 3 beliefs, in the piece's order there
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korrents.com
Common obesity is not caused by a slow metabolism: people with obesity burn more energy, not less.Their words
This tells us that common obesity is not the result of a reduced metabolic rate– a common but erroneous belief.
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korrents.com
The brain, not insulin or fat tissue, is what ultimately controls the energy balance equation.Their words
However, whichever side of the energy balance equation is giving orders, the brain appears to be the commander-in-chief of the equation as a whole.
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Their words
No matter what your model of obesity is, in order to explain the development of an obese body, energy imbalance has to be a link in the model’s causal chain.
1 January 2021
28 October 2020
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Likedaffiliate linkrcmnd.app
Economics in One LessonTheir words
This economics thought experiment is a classic book originally written in 1946. Like most books that follow Nassim Taleb's "all books worth reading are at least 20 years old" rule, it has timeless lessons throughout. It tackles all kinds of ongoing political/economic concepts like rent control, minimum wage, tariffs, "saving industries", and more.
29 September 2020
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korrents.com
The tech industry's economic and intellectual energy is directed away from human flourishing rather than toward itTheir words
The economic and intellectual horsepower in Silicon Valley and the wider tech world seems to be pointed away from these goals.
16 June 2020
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Lovedrcmnd.app
Enemy Of All MankindTheir words
is both a great story and also an object lesson in how single event can have a compounding effect on global politics and economics
4 June 2020
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Their words
Using history to understand our present is a great impulse, but it means some of the false myths we tell about the Black Death and Renaissance are doing new damage, one of the most problematic in my view being the idea that sitting back and letting COVID kill will somehow by itself naturally make the economy turn around and enter a period of growth and rising wages.
22 May 2020
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Their words
when the main communication channels are asynchronous text and video calls (as would be the case in a remote work setup) the influence of the loudest person in the room wanes. It's transferred to the best communicators.
14 May 2020
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Their words, before
And beyond that, by the time solar scale has doubled 4 more times, to the equivalent of 16% of today’s electricity demand (and somewhat less of future demand), we should see solar at 3 cents per kwh in the sunniest areas, and 4.5 cents per kwh in moderately sunny areas.
Their words now
Both of those forecasts were wrong. Solar has plunged in price faster than anyone – including me – predicted.
From one piece Solar's Future is Insanely Cheap (2020) 5 beliefs · rameznaam.com
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korrents.com
Solar's future price should be predicted from how much has been built, not from how much time has passed.Their words
We can use the last decade to predict the future prices of solar power. Not by looking at the cost of solar as a function of time, but by looking at the cost of solar as a function of cumulative scale of the solar industry.
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Their words
In short solar prices have dropped faster and lower than almost anyone has expected.
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korrents.com
Demand for electricity will rise to absorb far more solar than is currently considered feasible.Their words
Add these up, and it’s plausible that solar’s contribution to the energy system could double or triple the amount currently considered feasible for solar to provide.
+ 2 more
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korrents.com
Average solar electricity prices in sunny parts of the world will fall to one or two cents per kwh by 2030 or 2035.Their words
This incredible pace of solar cost decline, with average prices in sunny parts of the world down to a penny or two by 2030 or 2035, is just remarkable.
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Their words
The data paint an incredible picture: One that shows the price of solar electricity from utility-scale systems dropping by anywhere from 30-40% with each doubling of cumulative solar deployment.
30 March 2020
8 January 2020
20 August 2019
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Mixed onrcmnd.app
REAPERTheir words
It's basically the Vim of audio editing software, so I wouldn't recommend it if you don't have the time and energy to heavily invest in customizing it for your workflow, but I can move like lightning in this thing.
28 May 2019
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Recommendsaffiliate linkrcmnd.app
Rockonomics: A Backstage Tour of What the Music Industry Can Teach Us about Economics and LifeTheir words
Alan B. Krueger, Rockonomics: A Backstage Tour of What the Music Industry Can Teach Us about Economics and Life: From the economist who revealed the secrets of the minimum wage comes this look at the economics of the music industry. Its disruptions by technology to economics of songwriting and concert tours, the music industry offers important financial lessons. Kreuger, an economic rock star himself (he was former chairman of the president’s Council of Economic Advisers) left us far too soon.
2 April 2019
27 February 2019
7 February 2019
28 October 2018
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Usesrcmnd.app
EconTalkTheir words
Economics or Business Interviews Conversations with Tyler with Tyler Cowen EconTalk with Russ Roberts General Interviews North Star Podcast with Dave Perell The Tim Ferriss Show
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Usesrcmnd.app
Conversations with TylerTheir words
Economics or Business Interviews Conversations with Tyler with Tyler Cowen EconTalk with Russ Roberts General Interviews North Star Podcast with Dave Perell The Tim Ferriss Show
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Usesrcmnd.app
The Tim Ferriss ShowTheir words
Economics or Business Interviews Conversations with Tyler with Tyler Cowen EconTalk with Russ Roberts General Interviews North Star Podcast with Dave Perell The Tim Ferriss Show
19 September 2018
10 September 2018
18 May 2018
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Recommendsrcmnd.app
Phenomenology of SpiritTheir words
In order to understand Marx, you really do need to know something about Hegel. It's a mistake to think you could read Marx as a scientist or an economist without understanding the Hegelian framework of his thought. That's why I chose to begin with Hegel.
5 January 2018
1 January 2018
22 December 2017
16 March 2017
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Lovedrcmnd.app
Seeing Like a StateTheir words
Seeing Like A State is the book G.K. Chesterton would have written if he had gone into economic history instead of literature. Since he didn't, James Scott had to write it a century later. The wait was worth it.
1 March 2017
From one piece Acemoglu & Restrepo, "Robots and Jobs: Evidence from US Labor Markets" (NBER working paper 23285) 3 beliefs, in the piece's order there
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korrents.com
In a model where robots compete with human labour task by task, robots can reduce both employment and wages.Their words
Using a model in which robots compete against human labor in the production of different tasks, we show that robots may reduce employment and wages
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Their words
Using this approach, we estimate large and robust negative effects of robots on employment and wages across commuting zones.
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Their words
As robots and other computer-assisted technologies take over tasks previously performed by labor, there is increasing concern about the future of jobs and wages.
From one piece Acemoglu & Restrepo, "Robots and Jobs: Evidence from US Labor Markets" (NBER working paper 23285) 3 beliefs, in the piece's order there
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Their words
Using this approach, we estimate large and robust negative effects of robots on employment and wages across commuting zones.
-
Their words
As robots and other computer-assisted technologies take over tasks previously performed by labor, there is increasing concern about the future of jobs and wages.
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korrents.com
In a model where robots compete with human labour task by task, robots can reduce both employment and wages.Their words
Using a model in which robots compete against human labor in the production of different tasks, we show that robots may reduce employment and wages
1 January 2017
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Readrcmnd.app
The Vital QuestionTheir words
A fascinating book exploring the role of energy in biology and evolution. It explains how eucaryotic life emerged and why it grew in complexity, while bacteria have remained unchanged in their simplicity for billions of years. It also presents the best theory of abiogenesis we have, and a lot more.
1 October 2016
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Their words
Behavioral science can play an even more important role in the policymaking process in coming years if practitioners instead begin with some of the large-scale questions that economic policymakers face and then develop insights that, often as a complement to more traditional policy tools, can help solve them.
1 August 2016
1 January 2016
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Readrcmnd.app
NarconomicsTheir words
If you’ve enjoyed Narcos, you’ll like this book. The world of drugs, cartels, gangs, violence, and prisons looked at from the perspective of an economist.
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Readrcmnd.app
Whole Earth DisciplineTheir words
An ecopragmatist book making a compelling argument that urbanization, nuclear energy, and genetic engineering are good for the environment and must be pursued. This is all counterintuitive — environmental movement traditionally despises those things. But we’ve gone so far changing Earth, there might not be another choice.
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Lovedrcmnd.app
SapiensTheir words
The history of humankind from 2 million years back all the way until today. Fascinating read. I liked that it wasn’t just a list of events, but an overarching “theory of history”. Also enjoyed that this one topic was presented through many lenses: history, evolutionary biology, archeology, economics, even philosophy and theology.
18 November 2014
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korrents.com
How much to test is an economic calculation a team should actually run, not a matter of principle.Their words
The point isn't that you should definitely write more tests, it's that you should definitely do the math to see if you should write more tests.
18 September 2014
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korrents.com
The goal of spaceflight is the whole solar system, not any single destination the experts are arguing over.Their words
The ‘horizon goal’ isn’t Mars, it is the entire solar system.
27 June 2013
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korrents.com
What keeps poor countries poor is political and economic instability, not a shortage of well-designed programmes.Their words
The real problem is the absence of firms small and large to employ people productively. The root of the problem is political instability, economic uncertainty, and a country’s high cost structure, among other things. A government’s attention is properly on these bigger issues.
21 November 2012
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Recommendsrcmnd.app
The Economy of EsteemTheir words
This is a book by a philosopher and an economist about a topic that was neglected for a very long time in social analysis. So there's lots about it in the 18th century – Adam Smith and people like that – and it's about how esteem, which is their word for the respect that you give to people who have achieved things against a certain standard, can be used to motivate people to do good things.
11 May 2012
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Recommendsrcmnd.app
Why Nations FailTheir words
Why Nations Fail is by two of my favourite economists, two very close friends and co-authors of mine, Daron Acemoglu and James Robinson. They're tackling a subject that I've worked on with them, and they do a great job of bringing it to life and making it vivid.
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Lovedrcmnd.app
A History of Interest RatesTheir words
This is one of my favourite type of books, which are just about data.
23 January 2012
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Their words
This is a roundabout way of telling you that companies are not sensitive to small differences in employee wages because employees are so darned expensive anyhow.
3 January 2012
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Lovedrcmnd.app
Empire of WealthTheir words
In the meantime, below are a few of my favorite books from 2012: Empire of Wealth: The Epic History of American Economic Power – Gordon (my favorite, though it was published in 2005) Jackass Investing: Don’t do it. Profit from it – Dever (unfortunate title, good book) What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time – O’Shaughnessy (good update and review of quant stock screens)
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Likedrcmnd.app
Jackass InvestingTheir words
In the meantime, below are a few of my favorite books from 2012: Empire of Wealth: The Epic History of American Economic Power – Gordon (my favorite, though it was published in 2005) Jackass Investing: Don’t do it. Profit from it – Dever (unfortunate title, good book) What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time – O’Shaughnessy (good update and review of quant stock screens)
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Likedrcmnd.app
What Works on Wall StreetTheir words
In the meantime, below are a few of my favorite books from 2012: Empire of Wealth: The Epic History of American Economic Power – Gordon (my favorite, though it was published in 2005) Jackass Investing: Don’t do it. Profit from it – Dever (unfortunate title, good book) What Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All Time – O’Shaughnessy (good update and review of quant stock screens)
28 October 2011
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Their words
You really want to be attached to Profit Centers because it will bring you higher wages, more respect, and greater opportunities for everything of value to you.
24 October 2011
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Usesrcmnd.app
TextEditTheir words
Articles happen in Word, but I'm leaving it behind more and more, and just writing in Textedit to save myself all the time and energy associated with Microsoft.
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Usesrcmnd.app
ScrivenerTheir words
I write my books and comics scripts in Scrivener. Articles happen in Word, but I'm leaving it behind more and more, and just writing in Textedit to save myself all the time and energy associated with Microsoft.
21 March 2011
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korrents.com
Nuclear power is the wrong technology for cutting carbon: efficiency and renewables can do the job without it.Their words, before
Some of our arguments against nuclear power have collapsed, but it seems to me that the case is still robust.
Their words now
The crisis at Fukushima has converted me to the cause of nuclear power.
1 March 2011
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Lovedrcmnd.app
What Investors Really WantTheir words
Meir Statman, one of my favorite behavioral economists, has written a great book on how investors can overcome their base urges and make better decisions:
6 September 2010
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quantitative easinginterest rates
Their words, before
Any effective monetary stimulus would be expected to raise long term rates.
Their words now
I predicted that aggressive QE would raise long term interest rates, a view which seemed to be refuted by the response on T-bond yields to the March 2009 Fed QE announcement.
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korrents.com
Monetary policy operates with long and variable lags, so attempts to fine-tune the economy make things worse.Their words, before
In the 1970s I thought monetary policy operated with long and variable lags, and thus fine-tuning would make things worse.
Their words now
In the 1970s I thought monetary policy operated with long and variable lags, and thus fine-tuning would make things worse.
29 November 2008
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korrents.com
Warnings of an imminent US recession in 2006 are partisan gloom rather than a real signal about the economy.Their words, before
For these pundits, the most dismal indicator is that we have a Republican Administration. They have been gloomy for six years now.
Their words now
I will add that I was definitely not expecting Freddie Mac and Fannie Mae to have ventured so far away from the idea of investment-quality mortgages that they had enough exposure in subprime loans to wipe out their capital.
3 November 2008
From one piece Sustainable Energy — without the hot air 5 beliefs, in the piece's order there
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Their words
Just like Britain, Europe can’t live on its own renewables. So if the aim is to get off fossil fuels, Europe needs nuclear power, or solar power in other people’s deserts (as discussed on p179), or both.
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Their words
Solar thermal water heaters are a no-brainer. They will work almost everywhere in the world.
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Their words
So to fix climate change, we need to sort out a new way of getting energy. The climate problem is mostly an energy problem.
+ 2 more
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Their words
For most materials, the embodied energy per unit weight is greater than or equal to 10 kWh per kg – the same as the energy per unit weight of fossil fuels.
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Their words
planes are already almost as energy-efficient as they could possibly be. Planes unavoidably have to use energy for two reasons: they have to throw air down in order to stay up, and they need energy to overcome air resistance. No redesign of a plane is going to radically improve its efficiency.
1 April 2002
From one piece Systematically Biased Beliefs about Economics: Robust Evidence of Judgemental Anomalies from the Survey of Americans and Economists on the Economy 2 beliefs, in the piece's order there
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korrents.com
Differences between the public's and economists' economic views do not solely reflect economists' self-serving bias.Their words
The paper first tests and decisively rejects the hypothesis that the differences solely reflect economists' self‐serving bias.
-
Their words
Differences between the general public's positive economic views and economists' resemble other judgemental anomalies: Laypeople and experts systematically disagree.
1 January 1998
1 May 1977
1 October 1975
Nothing matches.
What is a korrent?
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