The Radford Free Press – Page 34 – All life is problem solving.

Economics / Brian Arthur, Daron Acemoglu, shareholder value, supply chains, technology, theory of the firm /

Domain Shift

December 7, 2021

Brian Arthur tells us that technology most often advances in the form of domain shifts. In his narrative technologies cluster in related groups he calls domains. So individual technologies might advance through a tweak here or there, but the economy advances through a shift from one cluster of technologies to another. I like this idea. […]

Economics / Hayek, market magic, Micro foundations, Prigogine, reductionism /

More is Different: A Redux

November 30, 2021

“Formation is the vanishing of being into nothing, and the vanishing of nothing into being” Hegel loved his dialectics. But it isn’t just contrasts that illuminate reality. It is connections also. Connections matter. Single things are interesting. Perhaps even intriguing. But it is the way in which things connect that leads us to the better […]

Economics / fiscal policy, inflation expectations, interest rates, monetary policy /

Is There a “Policy”?

November 22, 2021

I read this morning that the Federal Reserve had bought, at the peak of the recent crisis, about 40% of all US government bonds being issued. This may, to some of you, be something of no concern. Think again The illusion that there are separate spaces for monetary and fiscal policy is belied by this fact. […]

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