, 7 tweets, 4 min read Read on Twitter
1/Spent some time with some of the books on these shelves this weekend. There are some great ones...
2/Phil Mirowski's book, More Heat than Light, is 30 years old but still fascinating. A complementary read to @ole_b_peters work on ergodicityeconomics.com. "the progenitors of neoclassical economic theory boldly copied the reigning physical theories in the 1870s."
3/David Warsh's book, Knowledge and the Wealth of Nations, is also great. In my notes, I wrote down four ways in which we refer to "increasing returns" in economics
4/the first is the one most people in technology think of - the idea of network effects. This was popularized by Brian Arthur hbr.org/1996/07/increa…. See @sfiscience
5/Next is the work by @paulmromer on endogenous growth theory that won him the Nobel Prize. pages.stern.nyu.edu/~promer/Endoge…. See also paulromer.net/prize/. Good time to review rival versus nonrival goods (see also @trengriffin, who likes to discuss this)
6/ Another Nobel went to another Paul, @paulkrugman, who did beautiful work on Increasing Returns and Economic Geography. pr.princeton.edu/pictures/g-k/k…. Krugman's book, The Self Organizing Economy, also has an @sfiscience feel to it. amazon.com/Self-Organizin…
7/Finally, there's old school increasing returns to scale en.wikipedia.org/wiki/Returns_t…. Companies can create a LOT of value if they can combine two or more of these sources of increasing returns. FIN
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