James Drogan

Paul Krugman posts this morning, The Instability of Moderation, a short piece reminding us that to get out of the ditch, it's helpful to know how we got into the ditch.  Krugman's brief reprise of economic history reminds us how important is to understand history.

I also read yesterday a related article in The New Yorker, What Good is Wall Street?  I would be remiss in not pointing out the subtitle is, "Much of what investment bankers do is socially worthless."  I wonder whether a child confronted a parent with the lines, "It says here what you do is socially worthless.  What about that Dad?"

Which leads me to ask whether you will like what you become when you grow up?

By in large, except in affairs of the heart and other undertakings where emotion rules, I think the world is deterministic.  Where you are is largely the result of where you have been and the decisions you made along the way.  Where you will be is largely determined by where you are now and the decisions you will make hence forward.  One can't always see the outcomes, but one can prepare for a series of likely outcomes.  For example, knowing that you face a certain decision, knowledge of what others have done when faced with a similar decision is information of value.  Where does that information reside?  In history.