How are prices determined? While I slept, Claude made me "History of economic thought since Aristotle." I asked it to use my favourite textbook (Blaug, Economic Theory in retrospect). The result will astonish of you. Even top economists here will learn something, I promise.
In 1979, a talk show host looked at one of the most influential economists alive and told him, on live television, that capitalism ran on greed.
Milton Friedman had won the Nobel Prize in Economics three years earlier, in 1976, for his work on monetary theory and consumption analysis.
Phil Donahue, host of the highest-rated daytime talk show in America, asked him directly whether the concentration of power and profit under capitalism had ever given him a moment of doubt.
Friedman didn't pause before answering. "Well, first of all, tell me, is there some society you know that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed?"
He kept going, arguing that only capitalist societies built on voluntary exchange had ever lifted large numbers of people out of poverty, while every attempt to replace self-interest with central planning had made things worse.
Donahue tried one more angle, asking who would organize a fairer society if not government. Friedman's answer to that question is still being clipped and argued over online more than four decades later.
Their exchange lasted less than two minutes inside a much longer interview about the Great Depression, auto bailouts, and price controls, and it's become one of the most replayed moments in the history of televised economics.
Was Friedman right that every system runs on self-interest whether we admit it or not, or did he dodge the real question about inequality? Say which side you land on in the comments, then watch the full exchange below.
The closest footage of the Nepal floods. 💔
Looking at that Himalayan tsunami, it feels like there was almost zero chance the person behind the camera, or anyone there, could have survived.If you’ve seen 2012, this feels exactly like that movie. Except this is real. #Nepal
I went through the entire archive from the Artemis Il mission to create timelapses of many scenes experienced by the astronauts.
Many of these views are firsts of their kind.
While this was a ton of work, I see it as practice, as one day I plan on capturing these images myself.
This World #History Timeline shows the main superpowers and dynasties over the last 5000 years. Gorgeous piece of work. These type of charts really help to understand who ruled at the same time on the other side of the globe. Love it! Source: https://t.co/d0WbwrEVkF
Nearly thirty years as a published writer and this is the first time I’ve used a new device that became instantly irreplaceable (no, I’m not being paid to say this.) It feels like using ink and paper and does everything I want it to do and nothing I don’t need it to do.
I know I’m late to the party, but my son gave it to me on my birthday so to me it’s a very recent revelation. It’s already joined my laptop at the top of my Things I Dread Losing list. #supernote
I finally have all 1.2 million raw image files from my latest mission to ISS! Here is a sample of one of my favorite Milky Way photos, taken from the Cupola with Nikon Z9, Arri Zeiss 15mm lens, T1.8 with custom sidereal drive that cancelled out star motion relative to our orbit.
View of Starship in space from a Starlink V3 satellite on Flight 13.
This composite is made of imagery from four separate cameras on a single satellite. Six of the satellites were equipped with cameras to scan Starship’s heat shield and transmit imagery down to operators to continue testing methods of analyzing Starship’s heat shield readiness for return to launch site on future missions