Join 📚Jof’S Book Highlights
A batch of the best highlights from what Jophin's read, .
Until Kapp’s book, however, these negative externalities had been considered as a peripheral problem, a minor aberration in economic theory. He showed on the contrary that the discharge of social costs was a general phenomenon, consubstantial with a mode of decision with ‘a built-in tendency to disregard those negative effects (e.g., air and water pollution) which are “external” to the decision-making unit’. This had radical theoretical implications, because __as neither company accounting nor prices in general are really able to record the ‘destructive off-market effects’ shifted onto the social and natural environment, ‘the price indicators are not only imperfect and incomplete; they are misleading’.__
The Ungovernable Society
Grégoire Chamayou
Bernoulli’s brilliance lay not in his mathematics but in his psychology—in his realization that what we objectively get (wealth) is not the same as what we subjectively experience when we get it (utility).
Stumbling on Happiness
Daniel Gilbert
it is not as simple as simply directing one’s advisors to change their practices, because doing so means mobilizing both knowledge and authority these wealthy people may not have, and they will often get pushback from their advisors. And __people who want to invest money in untraditional ways or give away large amounts of it, especially principal, often do not have advisors who know how to or want to help them do that.__
Against Accumulation: Class Traitors Challenge Wealth and Worth
Rachel Sherman
...catch up on these, and many more highlights
Readwise