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Brad DeLong's Grasping Reality 2019-11-09 21:52:48

Summary:
The calculations I was doing for the first-year graduate students yesterday were that, in terms of the proportional rate of increase in our stock of productive ideas about technology and organization, we are now creating them at a proportional rate 100 times the rate at which useful ideas were being created as recently as 1500. Is that going to speed up as ideas increasingly need instantiation not in large clunky macro arrangements of atoms but as patterns of information? Quite possibly...

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The calculations I was doing for the first-year graduate students yesterday were that, in terms of the proportional rate of increase in our stock of productive ideas about technology and organization, we are now creating them at a proportional rate 100 times the rate at which useful ideas were being created as recently as 1500. Is that going to speed up as ideas increasingly need instantiation not in large clunky macro arrangements of atoms but as patterns of information? Quite possibly...

Bradford DeLong
J. Bradford DeLong is Professor of Economics at the University of California at Berkeley and a research associate at the National Bureau of Economic Research. He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.

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