I can confirm from a non-programmer perspective that this point generalizes: working as a cook I went from neophyte dishpit recruit to sous-chef in the span of a few years because I spent more effort than 95% of my peers on optimizing frequent tasks for speed.
As an apprentice electrician (~2yrs exp) I'm now trusted with journeyman-level work and have been told by multiple people that I'll be running jobs the moment I've got my red seal, for exactly the same reason: high (speed * accuracy) factor. It's one of the most portable skills.
Of course both of these fields aren't thought of as ones where having better ideas is important, but it remains true that in both venues the fact that I can execute quickly means I can move along the learning curve to more advanced things more rapidly.
It even applies to parenting: being quick and clean at changing diapers and other necessaries helps keep stress levels down and allows you to enjoy being with your kid more. Kids get bored fast so if you can get them through uncomfortable things quickly there's less struggle.
I have a good friend who's a prolific professional author, and this is absolutely the secret of his success: he composes and writes fast. It even comes out in the cadence of the stories which makes them more fun to read, so quality is totally a function of velocity here too.
This is another thing I had to pick up in the wild, and I wish someone had explained it to me when I was 12, because I would frankly have hated school less then, and be better at more things and earning more money now. Anything you must do is worth learning to do faster.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Lordy, the quantity theory of money just needs to die already.
On the one hand PQ ~ M is necessarily true, but the way it's presented always implies that it is M that drives P and not the other way around. Wicksell showed that was wrong in 1898 and the case has not improved.
If you never bother to inquire into the mechanism by which M changes, you might believe this; once you discover that M is determined completely by bank loans, and ask what determines the volume of bank credit, it becomes obvious that PQ drives M.
More exactly, the term structure of PQ determines current M: borrowers want more liquidity when they expect to have more liabilities coming to maturity, and in proportion to those expected liabilities.
Bank credit is the tip of a funnel whose wide mouth is commercial credit.