Size is now the only thing holding back the technology. “We have a machine that can build a structure about 23 feet long, about 7 feet high and about 15 feet wide at this point,” says Khoshnevis.
He estimates that a full-scale printer would break down into three pieces and be small enough to fit onto a flatbed truck. All construction would happen on site. First, a designer would bring a digital blueprint for the house on a thumb drive and plug it into the printer while workers loaded it with concrete. Once the printer was activated, humans would play a supporting role, laying out supplies for the robotic gripper arm and preparing fresh batches of concrete. Humans would also install the windows and doors, since the task is so easy it’s not worth automating, Khoshnevis previously said.
The earliest Austrian economists did not make their mark by advocating free markets and other classical-liberal ideas. They did so by proffering a revolutionary positive (not normative) theoretical approach to understanding how markets work, focusing on value, price, and capital, theory. What Wikipedia says is consistent with my understanding of the matter: “When Carl Menger, Eugen von Böhm-Bawerk, and [Friedrich von] Wieser began their careers in science, they were not focused on economic policy issues, much less in the rejection of intervention promoted by classical liberalism. Their common vocation was to develop an economic theory on a firm basis.”
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Austrian economic theory describes how purposive action by fallible human beings unintentionally generates a grand, complex, and orderly market process. An additional ethical step is required to pronounce the market process good. Economic theory per se cannot recommend but only explain markets. This is what Ludwig von Mises meant when he insisted that Austrian economics is value-free. Anyone of any persuasion ought to be able to acknowledge that economic logic indicates that imposing a price ceiling on milk will, other things equal, create a shortage of milk. But that in itself is not an argument against the policy. Mises assumed the policymaker would have thought that result bad, but the economist qua economist cannot declare it such. As Israel Kirzner likes to say, the economist’s job in the policy realm is merely to point out that you cannot catch a northbound train from the southbound platform.
Japan’s 1990s were lost for all the same reasons America’s 2011 was lost - the status quo prevailed. In 1986, Japanese economic growth fell from 4.4 percent to 2.9 percent. In response, the Bank of Japan slashed the discount rate in half, from 5 percent to 2.5 percent. During the next three years, Japan created one of the largest economic bubbles in history. It didn’t last. Real estate prices fell by 80 percent from 1991 to 1998, and the stock market collapsed to a quarter of its 1989 high.
Throughout the 1990s, Japan tried at least 10 fiscal stimulus programs and left interest rates below zero, while economic growth kept marching southward. None of this did anything other than ruin Japan’s fiscal health, taking the country from the best fiscal position in 1990 to annual deficits of 7 percent of gross domestic product and a national debt of 227 percent of GDP. Sound familiar?
The president has vowed that his new pile of programs will be different. He has called for new publicly funded infrastructure projects, and yet that’s exactly what Japan tried in the 1990s, repeatedly on a massive scale ($1.4 trillion in 2011 dollars). Rural towns were paved over, given grand new bridges, and a huge highway system was built. All of it failed to spur growth, and similar schemes are bound to fail as well.
Economic growth is not created from the top down. Government’s main job is providing a constant, consistent playing field - something Washington lawmakers have done much to undermine over the past decade. Americans can create wealth. Extending unemployment benefits indefinitely, playing around with new gimmicks or suggesting more stimulus won’t help in the long run. Leaving individuals free to use their talents and keep what they earn will. The recovery will only start with significant regulatory relief.
The much-feared, yet equally much-anticipated, EU sovereign credit rating downgrades have arrived. The winners were Germany, the Netherlands, Finland, and Luxembourg, which saw their AAA ratings sustained. The losers were Belgium, Austria and France, which were cut one grade to AA+. The biggest losers were Italy, Spain and Portugal, which were cut two grades to BBB+, three steps above junk. The hope was that France could maintain its AAA rating, but a single notch downgrade was not entirely unexpected. Still, it does jeopardize the AAA rating of the EFSF and the successor ESM, but we will need to see the ratings agencies make that determination later.
S&P has stripped the European Financial Stability Facility (EFSF) of its AAA crown, potentially pushing up the bail-out fund's borrowing costs, and adding to the eurozone's general woes. S&P said that the fund was only as good as its backers, and that the EFSF could face further downgrades if "additional credit enhancements" were not put in place. The head of the EFSF said the downgrade would not reduce its €440bn lending capacity, though Germany's finance minister Wolfgang Schaeuble has ruled out any hike in EFSF guarantees.
There are four questions in life—origin, meaning, morality, and destiny. When you look at the person of Christ, you’ll find all of those answered.
Consider these four pillars—eternity, morality, accountability, charity. Jesus said this: that He was with the Father from the beginning. He was uncreated. This Old Testament prophet said, “Unto us a child is born, unto us a son is given.” Notice the words. He didn’t say the son is born. The son never was born; the son eternally existed, and came as a child of a virgin birth. And then in His perfect life, His death and His resurrection, He embodied what it meant to be moral, for what evil is to life, contradiction is to reason. When an argument is contradictory, the argument breaks down. When evil enters your life, life breaks down. He embodied that which was purity without sin. Accountability said, “I’ve come to do the will of my Father.” And Charity went to the Cross. Even Mahatma Gandhi said this, “Of all the dispositions and teachings of thinkers and ethicists, the one doctrine that I have no sufficient counter for is Jesus on that Cross.” Think about it. He offers it to you and to me. To give us a sense of the eternal, to give us the moral, to give us the accountable, and to give us the charitable. And He arose again from the dead to guarantee that.
