The dismal science, aka economics, remains one of the great ponzi schemes of all times. Let me remind you what a ponzi scheme is: cigar chewing salesman gets you to buy snake oil with the promise of major returns. In order to make good on his promise to you, he finds two other dupes to invest in snake oil and he uses those investments to pay you off, and then goes looking for four other suckers to invest in the first three. The best ponzi scheme is one where the head snake oil vendor lets the investors in on the secret and tells them that the only way they can recoup their investment is by getting others to take on the risk.
Economics as Informatics
Economics as Informatics
Economics as Informatics
The dismal science, aka economics, remains one of the great ponzi schemes of all times. Let me remind you what a ponzi scheme is: cigar chewing salesman gets you to buy snake oil with the promise of major returns. In order to make good on his promise to you, he finds two other dupes to invest in snake oil and he uses those investments to pay you off, and then goes looking for four other suckers to invest in the first three. The best ponzi scheme is one where the head snake oil vendor lets the investors in on the secret and tells them that the only way they can recoup their investment is by getting others to take on the risk.