Sunday, June 30, 2013

The Nile Dam and Unintended Consequences


Memento mori Pompeii mosaic (30 BCE - 40 CE). Image Source: Ancient Rome.

In June 2009, economists declared that the Great Recession ended. But to many people, it still does not feel that way. Perhaps that is because the global economy is undergoing a painful transition. The gears are grinding, but there is no sensation of everyone barreling forward. Progress reports coming from tech sectors are deceptive: the virtual economy massively expanded over the past twenty-five years. High tech computing - with hardware's planned obsolescence and non-physical wares like Facebook acquiring value, based on the marketing promises of Big Data - pumped up bubbles around illusions of productivity. Financial speculation in the 1990s and 2000s depended on the exponential expansion of our ability to speculate.
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