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Average is over
By Scott Sumner
A while back, Tyler Cowen wrote a book entitled "Average is Over". If my memory is correct, one idea was that technology would allow some people to become much more productive than others, and/or technology would make it easier to identify who has been more productive all along. I'd like to play with this idea using a simple model economy with one firm---a newspaper with 101 journalists. Let's say the newspaper pays each journalist $100,000.  Yes, some journalists are better...
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ECONLOG by Scott Sumner
It's not what you don't know; it's what you know that ain't so
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In a recent post, I listed a bunch of myths that we teach to our students. One of them was specifically applicable to the German population---the myth that hyperinflation put the Nazis in power. In fact, it was deflation (and unemployment) that transformed the Nazis...
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I agree with everything except one little wrinkle in this, which is the idea that our putative journalist's "quality" can be judge by how well she does when she moves onto Substack. I don't think that the fact she does better on Substack proves that she is "good," (still less that she was always better than her colleagues back when they all worked at the Daily Times). It just shows that she's found a position that works really well for her. But I certainly agree that on average, this kind of change is good for the economy, and that the inequality it brings is... not bad. (Also, Substack is great)
Phil H , September 19, 7:46 am.
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