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

ystems. We should expect rapidly diminishing explanatory returns from increasingly explicit microfoundations. [Wright 2009] And a shorter one from Von Neumann, reported by Claude Shannon: "My greatest concern was what to call it. I thought of calling it 'information', but the word was overly used, so I de

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

log communication degraded with distance, analog computing (like the Differential Analyzer) degraded with time, accumulating errors as it progressed. Von Neumann presented in 1952 a result corresponding to Shannon’s for computation (they had met at the Institute for Advanced Study, in Princeton), showing that

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

log communication degraded with distance, analog computing (like the Differential Analyzer) degraded with time, accumulating errors as it progressed. Von Neumann presented in 1952 a result corresponding to Shannon’s for computation (they had met at the Institute for Advanced Study, in Princeton), showing that