The 40+ hour workweek is a relic from the industrial age, where the production function of the individual employee was linear in time spent working: An extra unit of work added and extra unit of output.
In the information age, more and more people deal with the production and distribution of knowledge rather than with the production of physical objects. The knowledge production function, however, is a highly nonlinear one, and 8-hour workdays in open offices are glaringly inefficient.
Knowledge is produced by thought. The higher the intensity of thought, the greater the knowledge-output per unit of time. The relationship…
Then I have bad news for you: You probably should not.
Even by the account of scientists¹ themselves², meeting scientific discoveries with a default “I don’t believe it” seems to be a remarkably good bet.
Science does not even trust itself. How come?
It started with Ioannidis’ paper: “Why Most Published Research Findings Are Wrong” in 2005, in which he outlines the problems associated with the dominance of p-values significance tests.
For those who have happily forgotten anything about statistics: In a significance test, you compare a null hypothesis (the status quo; “no effect”) to an alternative hypothesis based on…
We all know on some level that reality cannot be faked; that we must do the work to get the results.
Doing the work is hard, rare, and valuable.
The work itself is unobserved, so we look for proofs of work in a man: A fit body, wealth, a perfected skill.
A “Proof-of-Work” is found in anything that can only be achieved by doing the work; in any value that cannot be obtained by fraud.
A rational man gets inspired by those who do the work. They are his kind of people.
Why is watching sports so energizing and uplifting?
Three reasons why Bitcoin mining may in fact reduce CO2-emissions.
Bitcoin mining consumes energy to protect the purchasing power of the monetary network.
Purchasing power stored in the network today is purchasing power not spent on consumer goods, and these goods would have had to be produced by consuming energy.
At least some of the energy going into mining Bitcoin would thus have gone into the production of electronics, cars, and shoes instead.
How much energy would have been consumed in these alternative uses is anyone’s guess. But it is certainly not negligible.
The power demand from Bitcoin mining is…
On the consumption-investment tradeoff and the Keynesian inversion of reality.
A cornerstone of Keynesian economics is the idea that consumption can “stimulate” the economy.
To clarify the multitude of errors in the assumptions and the logic behind this conclusion would require a full book. My goal in this post is to address just one element (and an important one): To explain why investment and consumption are mutually exclusive and what this means for the Keynesian idea.
To produce is to create something of value (utility) to human beings. You can produce for yourself directly (go fishing and eat the catch)…