Nathaniel Whittemore reads and discusses Venkatesh Rao’s essay on cognitive mercantilism, which compares assumptions about scarce intelligence with historical ideas about scarce wealth. Rao suggests that cheaper intelligence could unlock new forms of demand and ambition.
Nathaniel Whittemore connects the argument to demand elasticityDemand elasticity measures how strongly the quantity demanded responds to a change in a factor such as price. Price elasticity compares the percentage change in demand with the percentage change in price. and his idea of an infinite backlog of work. He contrasts excitement about newly possible projects with the pressure to do more.
The account is an optimistic analogy rather than a prediction. Nathaniel Whittemore acknowledges the costs of economic transition and distinguishes managing those costs from trying to stop change.
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