The elephant in the room is everything we do not count. When investors say a speculative opportunity is a “sure thing”, most people know to treat their certainty with suspicion. Some prefer to focus on the emotional satisfaction of having come in contact with a “sure thing” windfall opportunity, but it’s easy to see the … Continue reading The Unconsidered Elephant
[ The Note for September 2014 ]
The Cafe Cash Register Standard
There is a cafe I like to visit whenever I am near Villanova University, where I studied and taught for many years. A few years ago, someone staged an informal experiment, putting a stamp on a dollar bill to make it easily identifiable. Staff at this cafe reported receiving the bill in payment no less than 30 times in a 60-day period. That one dollar bill became $30 in gross domestic product (GDP). In this sense, the local economy of the cafe is a phenomenally efficient engine of economic productivity.
moving from negative externalities to mutual empowerment The environment is everything that surrounds us, everything that exists within us and feeds us and which we, and our activities, feed into. Negative externalities are economic impacts on third parties not contractually involved in a negotiation. They are called external, because they occur outside the context of … Continue reading Environment is Consequence