Increasing Marginal Utility

A blog so good it violates the law of diminishing marginal utility.

Browsing Catharsis – 12.25.12

Merry Christmas.

RANDOM WALKS IN EVERYTHING.

“Well, I haven’t had time to dive into that the way I would like. But I did try something. I have all the Baseball America Prospect Handbooks going back to 2003 (with 2001 and 2002 on order). I picked a year at random — I chose 2006 — and decided to look at BA’s top prospects for each team, who in retrospect was the team’s best prospect, what BA said about the player and, finally, what happened.”

-Joe Posnanski, “Prospects 2006.”

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I’D LIKE TO THINK THE ANALOGY IS THE RIGHT ONE; I’M JUST NOT SURE IT IS.

“Stabilization, of course, has long been the economic playbook of the United States government; it has kept interest rates low, shored up banks, purchased bad debts and printed money. But the effect is akin to treating metastatic cancer with painkillers. It has not only let deeper problems fester, but also aggravated inequality. Bankers have continued to get rich using taxpayer dollars as both fuel and backstop. And printing money tends to disproportionately benefit a certain class. The rise in asset prices made the superrich even richer, while the median family income has dropped.”

-Nassim Taleb, “Stabilization Won’t Save Us.”

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STING ALSO PLAYS A LOT OF SKIFREE.

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APPLY KUHN TO KUHN.

“As especially fascinating aspect of the story has to do with the reception of Structure. A tendency to mildly disparage it has emerged. Hacking, in his introduction, assures us that science has moved on.  The Cold War is over; physics is no longer ‘where the action is.’  Today, he says, ‘biotechnology rules.’  Thus Structure, he writes, ‘may be – I do not say it is –more relevant to a past epoch in the history of science than it is to the sciences as they are practiced today.'”

-David Warsh, “Paradigms, after Fifty Years.”

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