Big Plane vs Little Plane (The Economics of Long-Haul Flights)
25 Feb 2017 Leave a comment
in economics, transport economics Tags: creative destruction
Daron Acemoglu: Technology and Unemployment
24 Feb 2017 Leave a comment
in applied price theory, economic history, labour economics, labour supply Tags: creative destruction, technological unemployment
The robots to get everybody’s jobs and then some 150 years ago
21 Feb 2017 Leave a comment
in economic history, industrial organisation, labour economics, labour supply Tags: creative destruction, technological unemployment
The tractors are coming, the tractors are coming for all the horses
16 Feb 2017 Leave a comment
in economic history, industrial organisation, labour economics, labour supply Tags: agricultural economics, creative destruction, technological unemployment, technology diffusion
Many new technologies display long adoption lags, and this is often interpeted as evidence of frictions inconsistent with the standard neoclassical model. We study the diffusion of the tractor in American agriculture between 1910 and 1960 — a well known case of slow diffusion — and show that the speed of adoption was consistent with the predictions of a simple neoclassical growth model.
The reason for the slow rate of diffusion was that tractor quality kept improving over this period and, more importantly, that only when wages increased did it become relatively unprofitable to operate the alternative, labor-intensive, horse technology
Source: Frictionless Technology Diffusion: The Case of Tractors By RODOLFO E. MANUELLI AND ANANTH SESHADRI
Robert Gordon: The death of innovation, the end of growth
15 Feb 2017 Leave a comment
in development economics, economic history, economics Tags: creative destruction
The Balance of Industries and Creative Destruction
02 Feb 2017 Leave a comment
in applied price theory, economic history, industrial organisation, survivor principle Tags: creative destruction, The meaning of competition
Tyler Cowen – The Great Stagnation
21 Jan 2017 Leave a comment
in applied price theory, development economics, economic history, entrepreneurship, human capital, labour supply Tags: creative destruction, great stagnation
How will ride-sharing shape the future of transport?
17 Jan 2017 Leave a comment
in entrepreneurship, industrial organisation, survivor principle, transport economics Tags: creative destruction, Uber
The robots were coming even bigger time in the Wealth of Nations
14 Jan 2017 Leave a comment
in Adam Smith, economic history, labour economics, labour supply Tags: creative destruction, industrial revolution, technological unemployment
Deirdre McCloskey summarises Rawls and Nozick on unequal incomes
02 Jan 2017 Leave a comment
in applied price theory, applied welfare economics, comparative institutional analysis, constitutional political economy, development economics, economic history, Gordon Tullock, growth miracles, history of economic thought, James Buchanan, James Buchanan, labour economics, law and economics, poverty and inequality, property rights, Public Choice, Rawls and Nozick Tags: creative destruction, Deirdre McCloskey, industrial revolution, John Rawls, Robert Nozick, The Great Enrichment, The Great Escape, The Great Fact, top 1%, veil of ignorance, veil of uncertainty
Source: Review of Michael J. Sandel’s What Money Can’t Buy: The Moral Limit of Markets by Deirdre McCloskey August 1, 2012. Shorter version published in the Claremont Review of Books XII(4), Fall 2012 via Deirdre McCloskey: editorials.
The existence value of a Kindle library and a real library
24 Dec 2016 Leave a comment
in economics of media and culture Tags: creative destruction, digital libraries, legacy media
I was wondering other day that if we were locked out of our Kindle, which has about 300 books on it, would this be as devastating as if our library of real books was lost such as in a fire. You need to recall a password to sign into a Kindle when upgrading or replacing a damaged unit.
The crux of the matter is you cannot admire your Kindle library from afar, much less show it off to friends when they visit to make yourself look learned.
In common with my Kindle books, I do not plan to reread many of my real books but I would be devastated if they were lost. Knowing that that they are there is a comfort.
I would not be so upset if I lost my Kindle books. Perhaps partly is the Kindle books that I buy I am too cheap to buy unless they are at Kindle prices. I doubt that any of my Kindle books cost more than $10.
Utopia, you are standing in it! 
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