Milton and Rose Friedman: “Economists may not know much. But we know one thing very well: how to produce surpluses and shortages. Do you want a surplus? Have the government legislate a minimum price that is above the price that would otherwise prevail. That is what we have done at one time or another to produce surpluses of wheat, of sugar, of butter, or many other commodities. Do you want a shortage? Have the government legislate a maximum price that is below the price that would otherwise prevail. That is what New York City and, more recently, other cities have doe for rental dwellings, and that is why they all suffer or will soon suffer from housing shortages. That is why there were so many shortages during World War II. That is why there is an energy crisis and a gasoline shortage.” [via Arnold Kling]
Laura Castillo-Martinez and Ricardo Reis: “Central banks have a primary goal of price stability. They pursue it using tools that include the interest they pay on reserves, the size and the composition of their balance sheet, and the dividends they distribute. We describe the economic theories that justify the central bank’s ability to control inflation and discuss their relative effectiveness, in light of both theory and the historical record. We present alternative approaches as consistent with each other, as opposed to conflicting ideological camps. While interest-rate setting is often superior, having both a monetarist pillar and fiscal support is essential, and at times pegging the exchange rate or monetizing the debt is inevitable.”
Emergent Ventures: “Enterprise AI follows the same laws of gravity as enterprise software. The trajectory of Enterprise AI is often different from that of AI tools catering to consumers, prosumers, developers or other individuals. The latter set constitutes a large share of headlines today with its superlative growth and high valuations. Such tools can have rapid growth with strong viral loops and quick user adoption. But success for such tools can sometimes be “easy-come, easy-go”, if the audience base moves to greener pastures. On the other hand, Enterprise-focused products can take time to be adopted, whether they leverage AI or not. Enterprises are discerning, focused on real ROI, and have complex purchase and adoption processes. But once they adopt a product, the retention and expansion rates for such products can be significantly higher. The snowball often builds steadily, consistently, and over a longer period. And there is often a wider set of successful outcomes. Our portfolio leans towards enterprise-centric offerings, with data flywheels and applied AI as a core part of their respective moats.”
WaPo: “Here are some ways to ease nighttime anxiety while traveling. Call a loved one before sleep. With eyes closed, vividly imagine yourself in a safe place of your choosing or try free guided meditation…Recite a safety mantra in your mind…Bring a pillow from home…Read the same book (or listen to the same podcast or audiobook) you would use at home to fall asleep.”
Dr. Sue Shapses: “Exercise and a nutrient-rich diet with adequate calcium, vitamin D and protein are the foundation stones for healthy bones.”
