Paul Krugman on bad equilibriums
I've just been reading a paper by Paul Krugman who recently won the Economics Prize in memory of Alfred Nobel. The paper is entitled "Supply, Demand, and English Food" but I think it explains what has gone wrong with IPv6 some 10 years after it was developed. Here's a relevant quotation: But the history of English food suggests that even on so basic a matter as eating, a free-market economy can get trapped for an extended period in a bad equilibrium in which good things are not demanded because they have never been supplied, and are not supplied because not enough people demand them. --Michael Dillon
Michael and all, Not to bilittle Paul, but the rebut to the relevant quotation you kindly provided is: starving people cannot demand anything. I also fail to see how the quotation you again so kindly provided is relevant to IPv6. I can easily understand how it might be relevant to IPv4. Further and again no offense to Paul or his accomplishments, but I fail to see how his paper won any prize with the quotation you so kindly provided. Supply is normally and predominantly driven by demand OR desire. The supply of food in any one area is largely driven by distribution related considerations and at least as much as demand. Food is a need, IPv6 is not. michael.dillon@bt.com wrote:
I've just been reading a paper by Paul Krugman who recently won the Economics Prize in memory of Alfred Nobel. The paper is entitled "Supply, Demand, and English Food" but I think it explains what has gone wrong with IPv6 some 10 years after it was developed.
Here's a relevant quotation:
But the history of English food suggests that even on so basic a matter as eating, a free-market economy can get trapped for an extended period in a bad equilibrium in which good things are not demanded because they have never been supplied, and are not supplied because not enough people demand them.
--Michael Dillon
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participants (2)
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Jeffrey A. Williams
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michael.dillon@bt.com