Efficiency is a dimensionless ratio of energy in to energy out. Economics, as formulated, has little to say about efficiency and lots to say about preference relations on utility functions (the texts do tend to hand-wavingly waffle about how markets attain "efficiency" through hypothetically rational actors maximizing utility functions etc., if you want a giggle check out the "fundamental theorems of welfare").
I actually read the fine article, and didn't give up after the first couple of paragraphs.
And in paragraph the third is introduced friction. I dunno, maybe it's because I actually study science, but friction is a well defined thing and the coefficient of same is another _dimensionless_ variable. It seems every time economists want to incorporate a notion from science proper they go for the dimensionless stuff because that way they don't have to go through the whole tiresome rigmarole of ... dimensional analysis. It makes me feel like Tantacrul criticising UI's (check him out on youtube, he's both funny and informative).
Anyway, efficiency is not dangerous, efficiency will actually allow the survivors of the Anthropocene Disaster make it through the coming disaster. Slowing down is not a bad notion because it means most humans can spend more time thinking (quite efficient actually) and less time haring around the planet distracting themselves from the vapidity of their vanity. However life is not better because it is slower, it's better because humans appreciate what an extraordinary (literally and figuratively) opportunity it is to be alive.
As insurance policy against disaster stop listening to economists because they observably don't have a clue (they can't make accurate and meaningful predictions), instead study science, especially physics, because these meanings are measured against reality and the resulting predictions are highly reliable (TANSTAAFL < 2TD).
Efficiency is a dimensionless ratio of energy in to energy out. Economics, as formulated, has little to say about efficiency and lots to say about preference relations on utility functions (the texts do tend to hand-wavingly waffle about how markets attain "efficiency" through hypothetically rational actors maximizing utility functions etc., if you want a giggle check out the "fundamental theorems of welfare").
I actually read the fine article, and didn't give up after the first couple of paragraphs.
And in paragraph the third is introduced friction. I dunno, maybe it's because I actually study science, but friction is a well defined thing and the coefficient of same is another _dimensionless_ variable. It seems every time economists want to incorporate a notion from science proper they go for the dimensionless stuff because that way they don't have to go through the whole tiresome rigmarole of ... dimensional analysis. It makes me feel like Tantacrul criticising UI's (check him out on youtube, he's both funny and informative).
Anyway, efficiency is not dangerous, efficiency will actually allow the survivors of the Anthropocene Disaster make it through the coming disaster. Slowing down is not a bad notion because it means most humans can spend more time thinking (quite efficient actually) and less time haring around the planet distracting themselves from the vapidity of their vanity. However life is not better because it is slower, it's better because humans appreciate what an extraordinary (literally and figuratively) opportunity it is to be alive.
As insurance policy against disaster stop listening to economists because they observably don't have a clue (they can't make accurate and meaningful predictions), instead study science, especially physics, because these meanings are measured against reality and the resulting predictions are highly reliable (TANSTAAFL < 2TD).
/rant