I'm struck by the fact that by and large equity capital doesn't play a big role in new financing; it's either bonds or internal financing but not really equity. And therefore, it's not clear that anything which improves the equity markets has really much to do with the productivity of the economy as a whole.
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One way of looking at Impossibility Theorem is that we proposed some criteria for what a good system should be: what is it you want from a voting system, and impose some conditions. And then ask: can you have a voting system that guarantees that?
The MD is well aware that the forecasts are no good but he needs them for planning purposes.
Unsolved problems, that's one of the great signs of progress in my opinion.
Usefulness depends on tractability.
The world is changing. We're not really proceeding on a stationary basis.
Knowledge is a free good. The biggest cost in its transmission is not in the production or distribution of knowledge, but in its assimilation. This is something that all teachers know.
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