I call bullshit on Friedman for every having written this. This shit should never have been allowed to survive. Get this atrocity out of here.
"Truly important and significant hypotheses will be found to have "assumptions" that are wildly inaccurate descriptive representations of reality, and, in general, the more significant the theory, the more unrealistic the assumptions (in this sense) (p. 14)."
Blair has an interesting video (and article) discussion efficiency paradox.
36 min video (I think blair posted its companion article on his website)
Another angle on why energy efficiency and renewables are not quite the way to adopt to climate change. It’s the mode of basic subsistence that is most urgently needed, all that ecological restoration and green (biomass in cities) stuff because it’s different kind of efficiency.
@GhostOnTheHalfShell
I think what happens is the equity of the bank declines. This means it can't lend as much, and it can't pay out as much dividends into its investors deposit account. But the deposits created by you spending $900k don't disappear. Since banks collect interest, there needs to be new deficit spend always to keep the money supply growing. Bankruptcy would seem to reduce the required deficit spend since the interest disappeared. @economics@a.gup.pe
The payout seems the victim here, but banks can lend to businesses freely. It’s just balance sheet management. They can’t be in the red at the end of a business day and even so, there’s always the discount window.
So yeh, that seems solid. Banks come away with interest (less expenses) from the transaction, always.
I wonder if you have ever come across this 16 min piece. A good lesson in an era of city planner / architectural hubris, yes? (one billionaires are enthusiasticly embracing, because hubris and folly is their specialty, got to capitalize on it 😂 )
Designing a city around notions of industrial efficiency, what could go wrong? Understandable in the wake of WWII and US industrial organization under a war footing, but it took civilization to ditch the mistake