In QE, the Treasury issued long-term bonds. The Fed bought up the long bonds, issued overnight debt, and passed the interest difference back to the Treasury. In the end, it is just as if the Treasury issued overnight debt in the first place.
If there is a 3x productivity boost now, the correct assumption is that in the future the productivity boost, in places it carries over, will a lot more than 3x. Indeed, given how this scales, a better model might be in practice 10x or 100x or even 1,000x or more.
Yes — but it would be expensive and take a great deal of time. In short, if Trump, Bessent and company think that trade conflict with Canada is a trivial issue, one that Americans will barely notice, they’re in for a rude awakening.
the issue that I take with some of the language around "the body keeps the score" is that it maybe doesn't also recognize that the body also carries so much wisdom and so much intelligence and kind of helps guide us towards healing
So, as soon as you switch into something, there's a cost carried over from the previous task, and you're much slower and more difficult for the couple of next trials on the new task. So, there's always a switching cost
Jenkins' flair for legal communications carries over to her scholarly work, of course, which is why her Open Copyright Casebook is a standard text for American law schools:
which is why I think like a simple drawing of a pencil can stand for writing in some ways better than a chrome pen with a reflection, which is real very fancy, but it's a very particular kind of pen that not everybody might write with.
So, anyway, I'd say it like it both seemed like an obviously good idea in that people really wanted this, but also a bad idea in that nobody took it seriously. Um but I I think that I think the fact that it was ultimately the fact that it was grounded in such a concrete actual real user problem saved us.
Couple this book with Edward Chancellor's also excellent The Price of Time: The Real Story of Interest, published in 2022, and you can learn most of what you need to think intelligently about bonds.
And quite honestly, language design is 90% the same and 10% new for for pretty much every language. Every language you build still has to have a compiler. Compiler is still built in a pretty much the same way.
If you get really good at coding that means you have to be really good at general purpose problem solving. So that's a skill, right? And that just maps into other domains.
One exception is that Grammarly was a different type of product in that you install it and you don't proactively open it every day. So that was kind of interesting to me because I assume that you should always just focus on existing user retention. But for a product like Grammarly, it's actually the activation, installation, aha moment that's really really critical and will carry the user for a very very long time.
no one carries the full legitimacy inside of a company. Legitimacy is a currency in a companies. No one carries the full legitimacy in a company, even the CEO. The CEO just has a lot of input on the plan. The plan carries the legitimacy.
But once you actually have a sophisticated industrial economy, central planning can't handle the complexity. And so you try and create incentives and structures around that while not having pricing and that just doesn't work.
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