The Gains From Technology Must

I'm A Rock Star Among Geeks, Wonks, And Nerds.

I Believe, Unlike People That Are Totally Free-market, Laissez-faire Fundamentalists, That There Is An Important Role That The Government Can Play - One, In Providing Public Goods, Whether It's Education, Health Care, Or Other Things, And Two, Supervising Countercyclical Policy - Stimulus, Whether It's Monetary, Fiscal, Or Otherwise.

I Think Investing In A Good Education Has Been Key For Me, Although The Investment Was More In Time Than Money.

A Currency Serves Three Functions: Providing A Means Of Payment, A Unit Of Account And A Store Of Value. Gold May Be A Store Of Value For Wealth, But It Is Not A Means Of Payment. You Cannot Pay For Your Groceries With It. Nor Is It A Unit Of Account. Prices Of Goods And Services, And Of Financial Assets, Are Not Denominated In Gold Terms.

But In The Financial Markets, Without Proper Institutional Rules, There's The Law Of The Jungle - Because There's Greed! There's Nothing Wrong With Greed, Per Se. It's Not That People Are More Greedy Now Than They Were 20 Years Ago. But Greed Has To Be Tempered, First, By Fear Of Losses. So If You Bail People Out, There's Less Fear. And Second, B Prudential Regulation And Supervision To Avoid Certain Excesses.