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For most of the last century, wages in poorer parts of America rose faster than wages in richer places, as inventions were put to work in the hinterlands. After Henry Ford invented the Model T, for example, workers on assembly lines all over the Midwest built it. Now it’s just the opposite. Bright young people from…
A few of my favorites, not found in the linked article: "There are two ways of constructing software. One way is to make it so simple that there are obviously no deficiencies. The other is to make it so complex that there are no obvious deficiencies." C.A.R. Hoare "The purpose of software engineering is to control…
In the end, politics is about story. Robert McKee, Hollywood's master of storytelling, views the world from the top of America's other great cultural export—its movies. "1 think that the American ethos is not science-friendly and never has been," he says. "The American model is Thomas Edison and Henry Ford. Guys who…
Finally, it’s easy to see how a shift in income from labor to capital would lead to a similar reduction in overall demand. Capitalists tend to save more of each marginal dollar than laborers. In the short run, a transfer from laborers to capitalists reduces total consumption, and thus total GDP. This phenomenon is…