Wordsmith.org: Today's Word

Commentary, news, new ideas, links, quote of the day and much more

Today's Quote:

Thursday, March 13, 2008

More "News for Nerds"

Paul Krugman's 1978 Theory of Interstellar Trade

(Posted by kdawson on Wednesday March 12, @02:52AM
from the world's-pre-eminent-stand-up-economist dept.
It's funny. Laugh. Space)

jerryasher recommends Paul Krugman's blog at the NYTimes, where he introduces a paper he wrote, The Theory of Interstellar Trade, with tongue very much in cheek. Some packrat academician was kind enough to send him a scan, because "back then academics did their work with typewriters, abacuses, and stone axes." Abstract: This paper extends interplanetary trade theory to an interstellar setting. It is chiefly concerned with the following question: how should interest rates on goods in transit be computed when the goods travel at close to the speed of light? This is a problem because the time taken in transit will appear less to an observer traveling with the goods than to a stationary observer. A solution is derived from economic theory, and two useless but true theorems are proved... This paper, then, is a serious analysis of a ridiculous subject, which is of course the opposite of what is usual in economics."

No comments:

About Me

My photo
I live on the Pacific slopes of the Talamanca mountain range in southern Costa Rica. My adult children live in the United States. I have a Masters Degree in Gerontology but have worked as a migrant laborer, chicken egg collector, radio broadcaster, secretary, social worker, research director, bureaucrat, writer, editor, political organizer, publicist, telephone operator, and more. My hobby of photography has garnered some awards.

Blog Archive