US raises walls, EU to follow After the US turned away from free trade and imposed tariffs on most of the world - and in particular China, the EU got really scared that China now will flood Europe with cheap products it can no longer sell in the US. So the EU - founded as a champion of free trade - now looks poised to ‘going Trumpian’ and erect trade barriers against the Chinese inflow....
Lily357 is active as ever - providing three very helpful reminders on essential parts of geopolitical history. I will try to pick out major points as an appetizer - you should read all three! Middle East under UK/US control Her latest trilogy starts out with the story of how Britain took control of the Middle East oil in the wake of the collapse of the Ottoman empire. The British Navy switched from coal to oil by 1914....
How to explain geopolitics to your kids Question: If on your vacation you arrive in a new country and do not know which economic system rules there, how can you find out whether it is capitalism or socialism? Answer: Go to the best beach on a warm summer day - enjoy the swim and relax in the sun. After a while, when the need of an ice cream arises, look around to see where the ice cream sellers are located....
In China humanoid robots are now outperforming humans in marathons. Why should not the same happen to dancing? Class Robots It takes two for capitalism to dance - capitalists and workers. In the 1980s capitalists were nearly eradicated, but neoliberalism rescued them from extinction. From that time wages gave up following productivity - workers were held on the subsistence minimum of modern society and capitalism blossomed once more. Since then automation and robotics have arrived from the wonderful world of technology....
Commodifying human interaction AI replaces scarcity with abundance. Economics is the discipline for management of scarcity. Will AI make economics irrelevant? No, says Alex Imas “we will still have scarcity, but the kind of scarcity that matters will change.” It may be reasonable for an economist to be unable to accept the need for his daily business disappear, so he goes on with a lengthy essay and CES-modelling to find the new kind of scarcity that AI presumably will conway....