Re: [TML] An interesting overview of a book on macroeconomics
Alex Goodwin 10 Sep 2020 18:45 UTC
On 10/9/20 6:23 am, Phil Pugliese - philpugliese at yahoo.com (via tml
list) wrote:
> I agree,
> For as long as I can remember I've read articles that claim that some
> particular, "Great Leap Forward" (no, not THAT one!) can never happen
> again.
> And then another one does.
>
> p.s. BTW, when is the 'GLF' wrt to electronics miniaturization
> actually going to end? The END of that has been predicted forever but
> it never seems to actually arrive.
>
> -----------------------------------------------------------------------------------------------------------------------------------------------------------
>
Phil,
Is Great Leap B essentially similar to the Great Leap A that "can never
happen again" ?
I get the impression the best answer I could give there is "how long is
a piece of string?"
I wonder if something analogous to Jevons' Paradox is in play - as
electronic gubbins are further miniaturised, the cost to include them in
$APPLICATION drops, thus opening up new application classes that were
previously not worth adding said gubbins to
(Inertnet-Of-Compromised-Things TEDDY BEAR, anyone?), and as the price
elasticity of demand is most likely > 1, overall volume goes up as the
price drops.
Alex