Thursday, 28 July 2011

Buchanan: Einstein on Wall Street

http://www.bloomberg.com/news/2011-07-28/einstein-on-wall-street-time-money-continuum-commentary-by-mark-buchanan.html?cmpid=

This is a prime example of what John Maynard Keynes meant when he said the ideas of economists “are more powerful than is commonly understood.” Economists calculating the value of the future to perform cost-benefit analyses that influence how we take care of our world have been making some astronomically large mistakes.

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