If covid were a new apartment we’d just put stuff we can’t use here in storage for a bit. Why does everything and everyone have to be continuously useful? Why can’t we put restaurants in a box labeled “restaurants” like I did our crockpot for the last year.
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We think of cost of capital and return rate, but capital (including human) has cold-storage value too. Maybe the rent is too damn high on capital storage too. It’s mainly used for really high value stuff like airliners and ships. Park till usable again. But we can’t park people.
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An economy that demands 100% utilization of all its assets 100% of the time is kinda primitive. We should have enough surplus and redundancy to run at like 70%. Clearly we sorta can but we treat it as brokenness. It should be a feature not a failure mode.
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Many multi-engine aircraft are designed to be flyable with one or more engines out of commission. It’s awkward and requires some fancy control but it can be done.
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Like, many things can’t, won’t, and probably shouldn’t come back but some stuff clearly can and should. Like restaurant dining and concerts. Seems silly that those sectors can’t be safely idled without threatening to crash everything. Box ‘em up for safe storage.
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That said a lot of the stuff that’s down is bullshit that shouldn’t come back. Just like every apartment move should see some fraction of your crap sold or trashed or donated to Goodwill.
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Sold = return the capital to market even if at pennies in the dollar. Take the loss. Trashed = shut it down. Deadweight loss.
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End of conversation
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