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

rgy would mostly do if he gave them exact definitions within their usual ranges of meanings. Brand new terms would have made tougher reading, and his Principia Mathematica was tough enough in 1687.1 had the same luck in the end. But | didn’t know that until I had collected textbooks and economic dictionaries, along with

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

Many such attempts at formalization have happened over the years. In 186 HOUSE_OVERSIGHT_016989 mathematics, for example: Whitehead and Russell’s Principia Mathematica in 1910 was the biggest showoff effort. There were previous attempts by Gottlob Frege and Giuseppe Peano that were a little more modest in their pres

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

Many such attempts at formalization have happened over the years. In 186 HOUSE_OVERSIGHT_016406 mathematics, for example: Whitehead and Russell’s Principia Mathematica in 1910 was the biggest showoff effort. There were previous attempts by Gottlob Frege and Giuseppe Peano that were a little more modest in their pres