economics, scary variety

One wonders if those are means or medians. And I thought the Koreans were bad payers.

Cheers

Phil Hobbs

Economic crisises stemming from a global economic philosophy predicated on unlimited growth in a closed thermodynamic system? You don't say.

We did a big job for the Indian power authority, and it took two years to get mostly paid.

India is cash-in-advance now.

My rule is that anybody who goes over 90 days is in the prepayment class forever. I bend that a little bit for expert witness work, because I charge more money for that.

Cheers

Phil Hobbs

Unlimited growth is possible, at least until all the poor people aren't poor any more. Keynesian borrow-and-spend, and measuring economic well-being by stock prices, are not sustainable long-term. If you want stuff, you have to make stuff.

"If you want stuff, you have to make stuff". That really sums it up nicely. Too bad so many don't understand it.

Don't panic. These are the same bunch of "experts" that didn't even spot the 2008 Big Crunch coming.

The other thing economists don't understand is that consuming stuff is the opposite of making stuff.

Panic, because that same bunch won't see the next crash either.

The other thing economists don't understand is that the world runs on energy, not capital, derivatives, obscure investment instruments, and widgets.

Right, they likely wouldn't have, because their economic "models" don't actually describe reality.

A physics professors take on that issue. Assumes - economic activity correlated with energy use - energy consumption continues to increase at 2% p.a. - thermodynamics of black body - ignores greenhouse effect Consequence: - oceans boil in 440 years - steel melts in 750 years

But if you look at the trends since the 1970s, energy use per unit of economic output has tanked.

GIGO. Typical Malthusian claptrap.

Cheers

Phil Hobbs

Another thing that most economists don't understand is that making stuff comes _before_ consuming stuff.

Why should they care. Their bottom side is covered, so all they have to do is make as much money on the top side as they can.

I remember reading somewhere, about the logical extrapolation of any "compound growth" whatsoever (even 0.0001% annual growth say):

"a ball of human flesh, expanding at the speed of light"

:)

Also known as krw's chicken and egg theory.

Better make any state of Illinois activity the same, too.

Jon

You give me far too much credit. It's known as "supply side". I'm sure you've never heard of the concept.