Epstein Secrets

al unproductive. This then generates a downswing of declining wealth, consumption and wages. This is the normal cycle of capitalism as described by Minsky and the Austrians. Booms and busts are endogenous. Free markets are not inherently stable. Again, as with the income and company models it noticeab

what to call it. I thought of calling it 'information', but the word was overly used, so I decided to call it 'uncertainty. When I discussed it with John von Neumann, he had a better idea. Von Neumann told me, 'You should call it entropy, for two reasons. In the first place your uncertainty function has been use

ge payments to rents. The macroeconomic models in section 4 above suggest that liquidity can be formed endogenously, in exactly the way proposed by Minsky. This suggests that, just as central banks are expected to control changes in the money supply caused by fractional reserve banking, it seems appro

els that arise from the Classical view. This puzzle is particularly intriguing because the best mathematician who ever worked on economic problems, John von Neumann, introduced the key mathematical tools in a study of such a Classical, infinite-horizon, production-based model before Arrow and Debreu used the sa

the 1955 proposal thought to be the first printed usage of the phrase “artificial intelligence,” computer scientist John McCarthy and his colleagues Marvin Minsky, Nathaniel Rochester, and Claude Shannon conjectured that “every aspect of learning or any other feature of intelligence can in principle be so preci

rnet, everyone doing any of those things became a data generator. The result was an exponential rather than a linear rate of knowledge accumulation. John von Neumann also has a cameo in Zhe Human Use of Human Beings, for game theory. What Wiener missed here was von Neumann’s seminal role in digitizing computation.

the 1955 proposal thought to be the first printed usage of the phrase “artificial intelligence,” computer scientist John McCarthy and his colleagues Marvin Minsky, Nathaniel Rochester, and Claude Shannon conjectured that “every aspect of learning or any other feature of intelligence can in principle be so preci

rnet, everyone doing any of those things became a data generator. The result was an exponential rather than a linear rate of knowledge accumulation. John von Neumann also has a cameo in Zhe Human Use of Human Beings, for game theory. What Wiener missed here was von Neumann’s seminal role in digitizing computation.