Slowly lets you meet pen pals from your smartphone! Match with someone that shares your passions, write a letter, and collect stamps from around the world. Speak your mind—one letter at a time!
Letters take time to be delivered
The farther away your pen pal lives, the longer it will take to reach them. Why rush through replies? Make your letter be worth the wait!
Interesting concept, and I’m glad the magic was there for the two of you.
Words and ideas are meaningful. Finding a physical artifact from a far off place in the mailbox; seeing the stamps, markings, smudges, and other evidence of its journey; opening the envelope; and reading the other’s handwritten words add another dimension. Similarly, holding a paper book is a different experience, so I suspect that more than nostalgia is at work.
Unlike Jevons, [Carl] Menger [(1840–1921)] did not believe that goods provide “utils,” or units of utility. Rather, he wrote, goods are valuable because they serve various uses whose importance differs. For example, the first pails of water are used to satisfy the most important uses, and successive pails are used for less and less important purposes.
Menger used this insight to resolve the diamond-water paradox that had baffled Adam Smith (see marginalism). He also used it to refute the labor theory of value. Goods acquire their value, he showed, not because of the amount of labor used in producing them, but because of their ability to satisfy people’s wants. Indeed, Menger turned the labor theory of value on its head. If the value of goods is determined by the importance of the wants they satisfy, then the value of labor and other inputs of production (he called them “goods of a higher order”) derive from their ability to produce these goods. Mainstream economists still accept this theory, which they call the theory of “derived demand.”
Menger used his “subjective theory of value” to arrive at one of the most powerful insights in economics: both sides gain from exchange. People will exchange something they value less for something they value more. Because both trading partners do this, both gain. This insight led him to see that middlemen are highly productive: they facilitate transactions that benefit those they buy from and those they sell to. Without the middlemen, these transactions either would not have taken place or would have been more costly.
Work to live, not the other way around. Work produces income and is a means to an end.
Drill down a couple of levels on what it means to you to be happy, productive, warm, and loving. What do an ideal day and week look and feel like? What kind of life would you like your kids to have? Not abstractly. What would their ideal school situation be? How far from school? Any special opportunities like certain clubs, interest in playing an instrument, sports teams? Do you just do weekend warrior stuff, or does being a responsible, fun, constructive parent mean you’re picking them up after school regularly to go make memories?
Let’s say it’s something like the last bit for a moment. “Begin with the end in mind” is one of the 7 Habits of Highly Effective People, and in this case, the end is being a fun parent by going for ice cream or to the park or watch a movie or take guitar lessons together a couple of days a week after school. To make that happen, you’ll need to have flexible work hours and maybe a work location near their ideal school. Do the rare and valuable knowledge and skills that you’ve accumulated allow you do that? If so, great! You’re passionate about being a good parent; you don’t need that from your job. Your job is a means to an end. If the current conditions of your job get in the way of your goal of being a responsible, fun, constructive parent, how could you modify job parameters?
There’s no right answer. There’s your answer. What do you want for your kids? What do you want for you and your wife now and after they’ve left the nest? Walk around in a day, a week of that life in your head. There’s your end. Work backward from there.
That’s a nice driving tour of the effects of the economic calculation problem.
For those unfamiliar (not Mike based on his observations about Star Trek’s economy), absent a working price system, no rational method for economizing, i.e., choosing between alternatives, exists. When building a railroad, do you go around the mountain or tunnel through it? Who knows? Take away the profit-loss test, and the loudest, most aggressive thug in the room wins out, which Mike noted the history of communist countries as confirming.
Understanding the economic calculation problem reveals why communists had to copy or steal not just the technology but even its prices. Granting the extreme of an entire country full of perfectly obedient “new Soviet men” — which emphatically did not exist, as shown by the common saying “We pretend to work, and they pretend to pay us” — Maximum Leader is in the dark without prices; he doesn’t know what to command them to build! So he does the next best thing: crib off someone else’s paper.
reply