Death is Not a Law of Nature

Nature is regarded as a death-bearing, self-destructive force, but not because of its blindness. Yet where can a blind force lead except to death ? Humans admit nature to be a blind force even when they regard themselves as part of it and accept death as a kind of law and not as a mere accident which has permeated nature and become its organic vice. Yet death is merely the result or manifestation of our infantilism, lack of independence and self-reliance, and of our incapacity for mutual supp...

 How the Finance Industry Hurts the Economy

In perhaps the starkest illustration, economists from Harvard University and the University of Chicago wrote in a recent paper that every dollar a worker earns in a research field spills over to make the economy $5 better off. Every dollar a similar worker earns in finance comes with a drain, making the economy 60 cents worse off. [...] ...the growth of complex financial products has served primarily to boost income for the firms themselves, Philippon said. A new paper from researchers in t...

 Why Economists Will Continue to be Wrong

Carter had initially used arbitrary parameters in his perfect model to generate perfect data, but now, in order to assess his model in a realistic way, he threw those parameters out and used standard calibration techniques to match his perfect model to his perfect data. It was supposed to be a formality--he assumed, reasonably, that the process would simply produce the same parameters that had been used to produce the data in the first place. But it didn't. It turned out that there were many ...

 Industry Improves Humans

If you have great talents, industry will improve them; if moderate abilities, industry will supply their deficiencies. Nothing is denied to well-directed labour; nothing is ever to be attained without it.