Wednesday, September 2, 2009
September 2, 2009/1
I'm trying to balance a whole bunch of things, so won't be blogging much until Labor Day. I am fascinated by the way the media is cheerleading this "recovery." Take "productivity." The late unlamented Greenspan based much of his folly on a notion called "anhedonic pricing," which basically meant that thanks to Moore's Law each month saw an increase in productivity as computer capabilities increased faster than computer prices, ie. more bang for the buck, or more "productive." It never bothered Greenspan that the more work computers take on, the less there is for humans to do. This may be more "productive" statistically, but it promises sheer hell for any political economy pretending to be a functioning free-market democracy. Another few years of this, the United States is going to be little more than a giant El Salvador.