Michał Gołębiewski
1.7K posts


🗣️ Jacek Dukaj: „Jeden z powodów depresji nastolatków to są te jej wizje zagłady świata spowodowane katastrofą ekologiczną.”











Wrocław poz rynkiem to jedno z najbrzydszych miast w Polsce. Większość budynków, chodników nie ruszona od wojny, a co się buduje nowego to absolutnie najgorsze bloki i wykwity współczesnej mysli architektoniczne




























Perhaps not so surprising, Marcin. I think part of the problem may be an implicit assumption that there should be a direct relationship between technological advancement and economic advancement – so that the more advanced your technology, the richer you become. But there's no reason why this must be true. Although high-tech may seem much more glamorous than infrastructure, property, or lower-tech manufacturing, in all four cases your economy advances when you invest productively (i.e. the resources you invest cost less than the economic value you create), and regresses when you invest non-productively. It's not as if we haven't seen this before. High-saving/high-investment economies – especially those with financial systems that operate under what the Japanese called "window guidance" – have a history of creating impressive technology at the same time that they were overinvesting in a wide variety of manufacturing, property and infrastructure sectors. The most obvious cases include the USSR in the 1950s and 1960s, Japan in the 1970s and 1980s, and probably China in the past two decades. But for all their technological advances (and at the time they seemed overwhelming), these economies nonetheless suffered from surging debt burdens and, in the first two cases (and perhaps soon in the third), from long and difficult economic adjustments once the accumulated but unrecognized investment losses became too great to roll forward. In that case it may be that one important difference between Poland/Romania and South Korea is that Polish/Romanian businesses operate under hard budget constraint to a greater extent than South Korean businesses (less currency, credit and interest-rate intervention, for example) and as a result are less able than their South Korean counterparts to indulge in investment in glamorous but non-productive investment projects.






