Epstein Secrets

loyment is higher in model 46 than model 4A. Also the ratio of returns to labour to returns to capital is significantly higher in model 4A. This is Keynes writ large. Unlike static equilibria, dynamic equilibria can have multiple points of stability. The point of equilibrium that is reached depends on

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

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

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

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

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