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patrickc's profile
Patrick Collison
Patrick Collison
Patrick Collison
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@patrickc

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Patrick CollisonVerified account

@patrickc

Fallibilist, optimist. Stripe CEO.

patrick@stripe.com
patrickcollison.com
Joined April 2007

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    1. Patrick Collison‏Verified account @patrickc Feb 17
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      "Unlike the “vanishing secrets” theory of stagnation, our incentive-based theory of stagnation suggests that continued stagnation need not be inevitable." https://www.nber.org/papers/w26752.pdf …

      10 replies 53 retweets 307 likes
    2. Tren Griffin‏ @trengriffin Feb 17
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      Replying to @patrickc

      Using GDP to measure technological progress is like using pickle to change a car tire. Neither was intended to perform that function. Hal Varian explains: https://www.brookings.edu/wp-content/uploads/2016/08/varian.pdf …

      2 replies 1 retweet 11 likes
      Patrick Collison‏Verified account @patrickc Feb 17
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      Replying to @trengriffin

      Imperfect but there’s a rich literature showing how it correlates strongly with the macro outcomes we care about. (And of course TFP growth, not GDP growth, is usually the metric used.)

      10:47 AM - 17 Feb 2020
      • 13 Likes
      • Semaj ‘somewhat “civil’ servant” Amar Rathor Ryan Taylor Raj Balakrishnan Michael P Gibson ᴅᴀᴠɪᴅ ᴘᴇʀᴇʟʟ ✌ Ahsan Rizvi Ravi Mulani Tim Brown
      3 replies 0 retweets 13 likes
        1. New conversation
        2. Tren Griffin‏ @trengriffin Feb 17
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          Replying to @patrickc

          TFP is even more broken. It's based on GDP. Diane Coyle: “Gordon repeatedly explains why it isn't possible to evaluate the impact of inventions through GDP and price statistics, and therefore through the total factor productivity figures based on them.” http://www.enlightenmenteconomics.com/blog/index.php/2015/12/the-rise-and-fall-of-american-growth/ …

          1 reply 0 retweets 0 likes
        3. Tren Griffin‏ @trengriffin Feb 17
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          Replying to @trengriffin @patrickc

          How much of the innovation Stripe contributes to the economy *reduces* GDP and TFP since consumers pay less? I am a big fan of Stripe and other companies that deliver consumer surplus. People claiming the arrival of the semiconductor in the 70s reduced innovation is bonkers.

          2 replies 0 retweets 1 like
        4. 3 more replies
        1. Abe Bull‏ @roadsideproph Feb 17
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          Replying to @patrickc @trengriffin

          Interesting to link this to current state of capital glut chasing too few productive ideas...in a world where software “eats” the world, the value enhancing disembodied digital services need little capital but throw off a lot to owners. This pushes value from capital to talent.

          0 replies 0 retweets 1 like
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        2. ashish arora‏ @ProfAroraAshish Feb 17
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          Replying to @patrickc @trengriffin

          TFP, as typically measured, is problematic. And the paper cited is a theoretical one, showing that the emphasis on measuring accomplishment by citation *may* lead scientists to focus on ideas that will be recognized immediately 1/n

          1 reply 0 retweets 1 like
        3. ashish arora‏ @ProfAroraAshish Feb 17
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          Replying to @ProfAroraAshish @patrickc @trengriffin

          and hence, the paper assumes, will be incremental. This is plausible but not obviously so. But (moreover) since there would also be an increase in the scientists, the net effect of the focus on citation is unclear. n/n

          0 replies 0 retweets 0 likes
        4. End of conversation

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