Paul Krugman on Capitalism and Waste
Paul Krugman is an author, economist, and Princeton professor who is probably best known for his op-ed columns in the New York Times.
Krugman is the author of over twenty books, including The Conscience of a Liberal, a progressive manifesto, and The Great Unraveling, a collection of his op-ed columns.
Is American capitalism inherently wasteful?
Paul Krugman: Well capitalism … is always somewhat wasteful. As is . . . Well you know all systems are wasteful. But ours has some serious . . . everything from the vast sums that insurance companies spend trying to not cover people who are likely to have high costs and so on. I’m not sure. I don’t think the differences are as large. If you asked how different philosophically is American capitalism from French capitalism, it’s much less than people imagine. There are big differences in the policies, but those are more historical legacies than the fundamental philosophies. So no, I’m certainly not an America basher on these things. In many ways our, you know, entrepreneurial spirit is . . . is something very admirable. And we do . . . The fact of the matter is we do do a lot to take care of the less fortunate; just not enough by my standards.
All capitalism is to some extent wasteful, but America, says Krugman, is especially so.
Here's the science of black holes, from supermassive monsters to ones the size of ping-pong balls.
- Bonus fact: If the Earth became a black hole, it would be crushed to the size of a ping-pong ball.
From time-traveling billiard balls to information-destroying black holes, the world's got plenty of puzzles that are hard to wrap your head around.
- While it's one of the best on Earth, the human brain has a lot of trouble accounting for certain problems.
- We've evolved to think of reality in a very specific way, but there are plenty of paradoxes out there to suggest that reality doesn't work quite the way we think it does.
- Considering these paradoxes is a great way to come to grips with how incomplete our understanding of the universe really is.
- The EAST reactor was able to heat hydrogen to temperatures exceeding 100 million degrees Celsius.
- Nuclear fusion could someday provide the planet with a virtually limitless supply of clean energy.
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