The famous sociologist Manuel Castells in an interview by Paul Mason (BBC):Â “With Facebook and with all these social networks what happened is that we live constantly networked. We live in a culture of not virtual reality, but real virtuality because our virtuality, meaning the internet networks, the images are… Continue reading
” Since 1800, technological advance has been associated with economic growth. The new stuff being built saved labor input, which was then put into the construction of other things. However, the most recent technological advances may not be growth-inducing. As Samuelson puts it, “Gordon sees the Internet, smartphones and tablets… Continue reading
While the educators and non-profit people in Second Life are up in arms against the loss of their discount pricing, I’ve been reading an intriguing text about a world characterized by a consumption trap. Economists are familiar with the notion of a liquidity trap, a situation in which monetary policy… Continue reading