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Tagged With « economics »

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  The end of the photography world as we know it

  The philosophical riddle, “if a tree falls in the woods and no one is around to hear it, does it make a sound?” has become the starting point of many jokes. It also raises important questions regarding observation and how we establish/define reality. While a physicist can empirically (and easily) prove that yes, a noise is made, the philosopher is less sure about what is thruth. A recent article in the New York Times, and especially the reaction to it, reminded me of this philosophical question.

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  Apr 10
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  Face to face with the law of unintended consequences

  Recent experiences have reminded me of one of my favorite economist’s terms, the so-called “law of unintended consequences.” It is not a law in the literal sense, but refers to the idea that actions of people—and especially of organizations—often have effects that are unanticipated or unintended. Economists and other social scientists have long understood this, but organizations and individuals often ignore it at their peril. I am not sure why, but when I am in South Asia, I think about this more often than I do at home.

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  Jan 10