Chapter
The Limitations of a Scalar View of Economics
11:38 - 21:07 (09:29)
The scalar view of economics, which looks only at a single number to support a particular course of action, can lead to ignoring the wider consequences of decisions. By taking a more nuanced approach, using insights from maths and physics, economists can work towards a more sustainable future.
Clips
The commercial value of a kilowatt hour in today’s world is 11 cents and technology has greatly improved the quality of life from the days when life expectancy was only 30, while sound is a compression wave which can provide insights into economics such as monetary velocity.
11:38 - 17:35 (05:56)
Summary
The commercial value of a kilowatt hour in today’s world is 11 cents and technology has greatly improved the quality of life from the days when life expectancy was only 30, while sound is a compression wave which can provide insights into economics such as monetary velocity.
ChapterThe Limitations of a Scalar View of Economics
Episode#276 – Michael Saylor: Bitcoin, Inflation, and the Future of Money
PodcastLex Fridman Podcast
Many studies on inflation rely on the inaccurate assumption that inflation equals CPI.
17:35 - 21:07 (03:32)
Summary
Many studies on inflation rely on the inaccurate assumption that inflation equals CPI. Traditional economics also tends to utilize linear models, but the application of machine learning and AI could provide more efficient representations of inflation.