The economy should be thought of as two economies, a fast economy, where billions of dollars in trades are executed in algorithmically in nanoseconds, and a slow economy made of commodities, products, assets like inventory, factories, real estate, workers who make motorcycles, teachers who teach students, doctors who attend patients, and so on, and there is an ever accelerating wealth gap, which is really a speed gap, between the two, says Mark C. Taylor. He goes on to say the slow economy is always trying to get faster, because there are only 3 ways to expand an economy: spatially (more and bigger stores, factories, etc), differentially (more variety of products), or temporally, and weve mostly maxed out the spatial and differential options so we are going for temporal -- were accelerating the product cycle. He then goes on to argue this obsession with speed poses an existential threat to the whole system. Finally, since he is writing in The Chronicle of Higher Education, he laments the effect the obsession with speed has had on education.
Posted on: Tue, 21 Oct 2014 18:27:09 +0000
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