> So you don’t have to be scouring through the newest papers on Arxiv in order to know the most important things. A dozen or so textbooks even from a few decades ago contain about 80% of legible scientific knowledge.
> This is a story that repeats in many fields. If you’re interested in economics, then you don’t have to memorize the prices of goods and the rates of growth throughout history. Instead, read books that try to explain a broad range of phenomena with a single theory, like the Baumol cost effect or the efficient market hypothesis or nominal GDP targeting.
> This is a story that repeats in many fields. If you’re interested in economics, then you don’t have to memorize the prices of goods and the rates of growth throughout history. Instead, read books that try to explain a broad range of phenomena with a single theory, like the Baumol cost effect or the efficient market hypothesis or nominal GDP targeting.