Hello. I’m Burnham Banks and I studied economics in the late 80s and early 90s. I’m still studying economics today and am still no wiser. This blog is a journal, a record of my thoughts and experiences. If we are destined to repeat our mistakes, we should at least repeat them faithfully. If not, then perhaps the past is a mischievous guide and we should try something new.
Monday, 30 December 2019 | 6:35 pm
Central planning is superior to free markets if the central planner has perfect information, and acts in good faith. Free markets are better when information is imperfect. When information is localized by a factor or location, decentralized groups can process information more effectively. These groups, can be regarded as centrally planned cells within a neighborhood
Monday, 23 December 2019 | 3:00 pm
What does China want? What did Germany want in the 1930s? A little respect, a little less bullying, and a bit more space. Germans felt aggrieved at the terms of Versailles, that reparations had gone too far and that they had been unfairly treated. What did Russia want in the 1950s? Security. Russia was driven
Friday, 06 December 2019 | 9:17 am
Human history is replete with class oppression. In an unequal society the natural tendency is for those of superior wealth or power to maintain supremacy. This often requires some form of oppression. Persuasion is greater than force. Efficient oppression involves convincing the oppressed that they are not oppressed or that their wealth and welfare are
Sunday, 10 November 2019 | 3:28 pm
Something to slow down the informational transmission of a society to increase informational efficiency. Since each node has an optimal rate of processing information, a network that transmits information too quickly is not efficient. Fools serve a useful purpose and should be valued.
Tuesday, 05 November 2019 | 7:21 am
The entire process of moving a drug from design to clinical trials takes 10 to 12 years on average. Preclinical studies Deciding whether a drug is ready for clinical trials (the so-called move from bench to bedside) involves extensive preclinical studies that yield preliminary efficacy, toxicity, pharmacokinetic and safety information. Wide doses of the drug