Paul Irvine > Recent Status Updates

tldr (so far); investments that are 1) non-reversible, 2) have some leeway in timing, and 3) have any uncertainty whatsoever in any way, shape, or form have an inherent opportunity cost of investing that complicates the “invest if NPV > 0” story in neoclassical models. Analogous to financial call options, where firms’ flexibility for investments is inherently valuable. Also reviews stochastic calculus.

I found it interesting that Northern industry was for enfranchising freed slaves in part because once the Southern states rejoined the Union, they’d skew industrial policies (eg tariffs) away from their preferred interests without a moderating voting bloc. Thus, the “capital” + “abolition-democracy” coalition was formed.

Interesting quote: “Here comes the penalty which a land pays when it stifles free speech and free discussion and turns itself over entirely to propaganda. It does not make any difference if at the time the things advocated are absolutely right, the nation, nevertheless, becomes morally emasculated and mentally hog-tied, and cannot evolve that healthy difference of opinion which leads to the discovery of truth…”