RE: Pensions and the decreasing marginal utility of people. I don’t remember a lot of the economics I took 30 years ago but the concept of decreasing marginal utility stuck with me because I was also taking accounting at the same time. I realized at that time DMU was the subtle driver of amortization and, in fact, made it necessary, all other factors set aside. As machines have become more capable of replacing humans, the argument is very similar to the argument for immigration, that they do the dirty work allowing us to evolve to more enlightened thoughts and endeavors. It’s gotten to the point that it has become a one to one comparison, machine vs. human, with the machine becoming ever more efficient especially when viewed over the long run where the costs to support outdated people remain stubbornly high. Even with the availability of wandering ice flows at an all time high, governments remain reluctant to place the obsolete worker on them, another example of political cowardice and inefficiency. They are, still, people after all and the fact that they are even given that much consideration is, well, quaint. The fact that some politicians still see them as people is quaint and they seem to be under assault by the more efficient Tea Party INC. models (a wholly owned subsidiary of Koch Industries). I remember when people were the whole point of this endeavor which I suppose makes me quaint as well. So in a round about way, the problem has become a philosophical one and there just aren’t the right machines for that. Pity. All the Best, TVA Ps. I noticed Becky Quick mentioned informed consent as a desirable goal for politicians at the end of “Squawk Box” which made me feel almost significant for a moment. I’m glad it came up in conversation. And she is also adorable, also.
"So, Erin, at last we meet..."
