The Awesome Science of Chinonomics

Economics has always assumed that Capital (K) and Labor (L) are complementary factors of production (Y). Look how pretty and sophisticated this economic abstraction looks Meaning, roughly, that you can't produce something with K if you don't have a bunch of people (L) pulling K's levers and buttons. Alas. As is the case with many things economists have cooked up in their simplistic, impossibly abstract assumptions, this is not even close to reality. K and L are fundamentally different. L is human; K isn't. K might be owned by a human (the Capitalist), but K does not function the same way as L does. K doesn't go to restaurants. K doesn't buy gifts for its family on Christmas. Any income K receives, it recycles it back into itself, compounding its power; into reinvestment, and away from restaurant dinners and Christmas shopping for the family because, well, K doesn't have a family. There used to be a time in the past when K and L formed a succe...

You and I, inhabitants of the Americas, should all speak Chinese (or a derivative of it) instead of a European language. We don't, of course, because it was the Europeans who "discovered" ( for the second time ) this continent in 1492 and sparked a rat race among European States to stake a territory in the "virgin" lands of the "New World". China had all in its favor to beat the Europeans in the early 15th century. They led the world then in technological innovation: cast iron was  first invented  in China; the compass  was invented there ; gun powder was  first concocted there . Not to mention printing; the umbrella, porcelain, the wheelbarrow, hot air balloons, and even seismographs to measure earthquakes. How can you be that advanced and not attempt to conquer other lands to extract their resources? Well, they did. And succeeded.  Decades before  Columbus "discovered" La Hispaniola, the Chinese had reached as far as East Africa. Befo...

The search for a new social and economic world order continues in the middle of all this madness. At least in my head. Growth and its power-law dynamics brought us to a place where the losers can't hold it together any longer. Rage engulfs  the developed world. Irrationality  reigns supreme . Capitalism (coupled with rule of law and property rights ) had provided the avenue to exercise our self-determination. The principle that material success is entirely (or at least mostly) dependent on our effort had proven a quasi-religious mantra for many. And it was alluring. More than that: self-vindicating . The idea that I'm the architect of my destiny and that nothing can hold me back can be an inebriating, hypnotizing force that arms us with untold amounts of discipline and resolve to over-perform. Forget for now about the fact that that over-performance can be easier to achieve in the fast lane   of that avenue. Or that a government has to build the actual ave...

Face it. We're all still playing catch up to the reality that this election laid bare. Our collective recency bias  kept us blind, thinking that what held true in the recent past (a corrupt, skewed political system serving a ring of cronies) would simply keep happening going forward. Never mind that the world's interconnectedness had made things inherently unstable . Or that it had already fed revolutions all over the middle east. That was them -- it seemed we thought . We're different.  Turns out, we're not. Now that the fire has reached home, we're scrambling for solid ground amidst this tectonic plate rearrangement. The Liberal World Order is under siege -- fascists are at the gates !-- and Fukuyama had it all wrong . The sense of loss and drifting is palpable. It's clear --by now-- why we missed it. But is it really clear why we got here ? Interconnectedness may have been the spark, and our yearn for belonging  may have exacerbated it, but the rea...

" Postmodernism " started it all. That "liberating" doctrine initiated the quest for the exaltation of the self. I'm entitled to my own opinion. I will not be a conformist. Look how passionate I am!  Doing things out of anger (er, I mean, out of "passion") started being more important than accepting objective reality, because no one wanted to be the dull robot who followed the rules. Individualism --uniqueness-- was cool . There used to be a time when we accepted that we couldn't assimilate all the information available around us (because, logically, we couldn't  experience it all  for ourselves), so we outsourced that knowledge to a credible source. We took it from them, at face value. We trusted. But oh, no. Postmodernist gave us agency. We now know better. Our guts tell us so. With time and the inflated prominence of one's (and most importantly, one's opinions)  worth came the disdain for the un witnessed fact, and the privile...

Technology has finally broken the Media's choke-hold of Society's Collective Conscience  and I don't know if that is a good thing or not. Truth and fact have been disrupted, making way for the rule of emotion and intuition over rationality and knowledge. I don't think The Zuck ever stopped to think about the true consequences of making people more connected all over the world. But the reality is now in the open, and we can all attest to it now:  Interconnectedness drives instability . What started with the seemingly innocuous (and commendable) goal allowing people to share baby pictures among family members morphed into allowing activists to organize political demonstrations. And then  giving Alt-Right trolls a megaphone . Goading is so much fun! Until the reaction is border militias with elite-training itching to kill imaginary ISIS invaders at the SW border with very non-imaginary AR15s. Actual bloody revolutions still rage, efficiently kindled by the smartpho...

Of all the revolutions that we are currently living, technology is the most promising one. It has killed industries , obliterated professions , and elevated the standard of living for those consumers who have participated in the bonanza. Technology (or more specifically, the internet) has disrupted the taxi monopoly on urban transportation, broken the chokehold of the prescription eyeglasses industry, and more generally, commoditized information .  But, if the internet has destroyed the margins of information dispersion companies... Sad news for journalism majors :( ... and made many disappear... more sad news for journalism majors :( Why is it, then, that the internet, which fundamentally is a revolutionary way to distribute (and potentially instill) knowledge, has not contributed to the commoditization of the Educational function of the University (whose mission precisely is to distribute and instill knowledge)? The answer, as certain South Afr...