by John Aziz, Azizonomics:
Niall Ferguson’s misunderstanding of Keynes led me to the question of how humans should balance the present against the long run?
It’s hard for us primates to have a real clue about the long run — the chain of events that may occur, the kind of world that will form. In the long run — the billions of years for which Earth has existed — modern human civilisation is a flash, a momentary pulsation of order imposed by primates on the face of the Earth — modern cities, roads, ports, oil wells, telecommunications and so forth built up over a little more than a century, a little more than two or three frail human lifespans.
Human projections of the direction of the future are notoriously unreliable. Professional futurists who devote careers to mapping the trajectory of human and earthly progress are often far wide of the mark. And in the realm of markets and economics, human projectional abilities are notoriously awful — only 0.4% of money managers beat the market over ten years.
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