...economics, as I understand it, has no concept of "enough". It assumes that every individual will always act in order to accumulate wealth.
Economists are not necessarily stupid. They use a "utility curve" to describe how much an individual values increasing wealth. The standard assumption is that utility curves are increasing, i.e. people prefer more wealth to less, and concave, i.e. the curve gets flatter as wealth increases.
So it's entirely possible for a very wealthy person to prefer a weekend's leisure to another million dollars.
2025-07-04 04:18:29
American industry has been inflicted with a plague of MBAs. NASA is *far* too slow getting the B-Ark ready. I am learning to hate AI
It seems to me that AI, at least as quoted on this site, could readily replace the MBAs and other B-Arkers, but not the people who actually know and understand stuff.
2025-07-03 21:31:32
The China Debt talk compares US to China 10-year government debt yields, without saying that the yield should be the inflation rate plus the credit spread plus something for time value. In fact, the different yields are almost entirely explained by the different inflation rates.
...economics, as I understand it, has no concept of "enough". It assumes that every individual will always act in order to accumulate wealth.
Economists are not necessarily stupid. They use a "utility curve" to describe how much an individual values increasing wealth. The standard assumption is that utility curves are increasing, i.e. people prefer more wealth to less, and concave, i.e. the curve gets flatter as wealth increases.
So it's entirely possible for a very wealthy person to prefer a weekend's leisure to another million dollars.
American industry has been inflicted with a plague of MBAs.
NASA is *far* too slow getting the B-Ark ready.
I am learning to hate AI
It seems to me that AI, at least as quoted on this site, could readily replace the MBAs and other B-Arkers, but not the people who actually know and understand stuff.
The China Debt talk compares US to China 10-year government debt yields, without saying that the yield should be the inflation rate plus the credit spread plus something for time value. In fact, the different yields are almost entirely explained by the different inflation rates.