It's always funny to hear economists and pundits obsess on television shows about what the Federal Reserve will do next. Implicit in their excitement is that the economy's ability to grow is a consequence of Fed expertise with interest rates. Back to reality, the Fed cannot increase the supply of tangible resources that businesses seek when they borrow money, it can't increase the human capital that is the source of all economic progress, and it also can't increase time.
Thoughts of time's finite nature came up while reading a recent New York Times piece on “The High-Wire Act to Build the World's First Flying Taxi.” Such a machine would potentially increase the productivity of individuals by virtue of increasing the amount of time they can dedicate to productive work.
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