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Common Error No. 61
"There are no causes of poverty. It is the rest state, that which happens when you don't do anything. If you want to experience poverty, just do nothing and it will come.... For most of humanity's existence on this planet, poverty has been the norm"
The Total Growth of Open Source
"the total amount of source code as well as the total number of open source projects is growing at an exponential rate.... Our work shows that open source is expanding into new domains and applications at an exponential rate."
Counterparty of last resort?
"We'd better think very carefully before letting the Fed become a derivatives counterparty of last resort. The very idea represents a subsidy to those we may not wish to subsidize. There's never been such a thing as a risk-free derivatives counterparty"
Let's Get Real About Bear
"The shareholders at Bear have been essentially wiped out. Note that a third of the shares of Bear were owned by Bear employees. Many of them have seen a lifetime of work and savings wiped out, and their jobs may be at risk"
Charlie's Diary: Commoditizing our future
"A naive soul with no prior experience of consumer capitalism might ask why, instead of doubling in power, the manufacturers don't concentrate on cutting prices? But that's not how the industry worked. Until now."
a flight across Europe for $10 is indistinguishable from magic
"Is there really such a thing as a free lunch? Actually, there sometimes is. Craigslist really is free. Wikipedia really is free. [...]. It's all thanks to a combination of the falling technology costs of Moore's Law with the Gift Economy."
gluttonous texting
"Rather than averaging a relatively conservative number of texts per month (like 200), gluttonous teen America is already on route to thousands of texts per month. They text like they IM, a practice mastered in middle school."
What You Should Know About The Stock Market | BetterExplained
"Here’s why stock markets rock: They match buyers and sellers efficiently; All prices are completely transparent and you see what other people have paid/sold for; You pick your own price and will get that amount if there’s a willing partner"
Cost of Living - Cost of Living Calculator from CNNMoney
"Using data provided by researchers at ACCRA, Inc., we compare key expenses in dozens of major cities. Costs include housing, utilities, transportation and health care."
two things to know before deciding what to pay for the new Radiohead album
"if you give Radiohead three bucks, you can probably safely sleep pretty easy at night that you’re not helping them starve. And if you give more, well, you’ve supported some economically innovative artists."
Whats the Future of the Music Industry? A Freakonomics Quorum
"So what really happened to the music industry, and what will it look like in five or ten years?" - 5 perspectives
Econbrowser: Money creation and the Federal Reserve
"in order to achieve the path for the fed funds rate that the Fed is now likely to set for the following year, the Fed will eventually need to add more reserves that do end up as more cash in circulation."
America's rags-to-riches dream an illusion: study
"The likelihood that a child born into a poor family will make it into the top five percent is just one percent [...]. By contrast, a child born rich had a 22 percent chance of being rich as an adult"
Comment is free: Deficits do matter
"Why do persistent large trade deficits matter? The first reason concerns jobs. The current US economic recovery has been the weakest since the second world war, and this is significantly due to the trade deficit."
Distribution of family income - Gini index 2004 country rankings - Flags, Maps, Economy, Geography, Climate, Natural Resources, Current Issues, International Agreements, Population, Social Statistics, Political System
The Gini index measures the degree of economic inequality of a country
Apocalypse, not
A Just-in-Time Species [...] Humans are activated by crisis, and often do little until it arrives. [...] Then we pass a trigger point and leap into all-out efforts; we are galvanized into war or its equivalent.
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