Great conversation
A stunning tidbit from Patrick Collison
23 subway stations in NYC in 1900 cost $1B in today's money (took < 5 years)
3 stations in year 2000 : Cost $4.5B (took 17 years!)
about.fb.com/news/2019/11/a…
A stunning tidbit from Patrick Collison
23 subway stations in NYC in 1900 cost $1B in today's money (took < 5 years)
3 stations in year 2000 : Cost $4.5B (took 17 years!)
about.fb.com/news/2019/11/a…
Patrick is in his early 30s, and a CEO of a multi-billion $ company
Yet cites studies with the authority of an aged academic
Yet cites studies with the authority of an aged academic
There is very little to object to in this whole conversation
But one thing that is overlooked is the role of serendipity in driving economic growth
It is not that dissimilar to the idea of punctuated equilibrium in evolutionary theory (Stephen Gould)
But one thing that is overlooked is the role of serendipity in driving economic growth
It is not that dissimilar to the idea of punctuated equilibrium in evolutionary theory (Stephen Gould)
We tend to underrate the role of chance
Instead economists tend to view human history using the prism of phyletic gradualism (in evolutionary history) where progress is supposed to be gradual and continuous
Hence the disappointment at constant rates of return in recent decades
Instead economists tend to view human history using the prism of phyletic gradualism (in evolutionary history) where progress is supposed to be gradual and continuous
Hence the disappointment at constant rates of return in recent decades
