This is the title of a New York Times magazine feature piece by Paul Krugman.
I haven't read it, yet, so I will withhold comment until I do. But be aware, I am already detecting spreading commentary on the piece in the economics world. This is a biggie.
It's 40 years after the Moon landing and Krugman got his PhD in 1977. What has he said about the planned obsolescence of automobiles? How much have Americans lost on the depreciation of crapmobiles every year since 1969?
ReplyDeleteOur so called economic system depends on economists that can't do algebra. Double-entry accounting is 700 years old. How hard can it be with today's computers? When have our economists suggested that it be mandatory in the schools?
NO! We need to keep the consumers $tupid. That would screw up our game theory.
Economic Wargames
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