Epstein Secrets

vailable for business to borrow and invest. But business lacked the “animal spirits” to take such a risk ina slump. We saw the same story after 2008. Keynes’ proposal was for government to do the borrowing and investing instead. That’s part of the “fiscal policy” I described in Chapter 1. Here we tend to

saving is invested, as I use the word, but finds different returns. Saving under the mattress is investment at zero return, and drops output just as Keynes said. Investment at the current average return keeps output unchanged. That’s what Keynes meant. But investment at lower returns lowers output, and c

nks to cheaper crude and pricier gasoline. Then could we cut costs or boost receipts in other ways? I proposed that we close our old and inefficient Boston Harbor terminal, where barges unloaded gasoline into our tank farms to be trucked to stations, and supply Boston from our new terminal at Providence two hou

ods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could produce all

remind me that once when I had a very early GPS—the kind that told you, “Turn this way, turn that way”—we ended up on one of the piers going out into Boston Harbor. More to the point is that there will be an AI that knows your history, and knows that when you’re ordering dinner online you'll probably want such-

ods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could produce all

remind me that once when I had a very early GPS—the kind that told you, “Turn this way, turn that way”—we ended up on one of the piers going out into Boston Harbor. More to the point is that there will be an AI that knows your history, and knows that when you’re ordering dinner online you'll probably want such-