2-1d ‘Ecosystem’ & ‘Thermodynamics’ & ‘Double-entry bookkeeping’ - Everything is connected, there is no free lunch
What were pre double-entry booking days like?develop
Everything is relative and you have to look at literally everything to get a picture
E.g., 11-3a Explanation of equity market requires knowing about other parts of market. Explanation of market in general requires knowing about non-market bits.
However, with new technologies 12-1a2d Abstractions such as ‘the economy’ and ‘the supply chain’ can be realized arbitrarily well (never exhaustively)
This sounds like chaos theory and dynamical lawsdevelop
Is it central bank’s ability to print money arbitrarily, or fractional-reserve banking system, that’s at fault?develop
Fractional-reserve functions because it assumes that when in trouble, the government can bail out by printing money?develop
6-3b2.3c When the money is printed, financial assets appreciate