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I = S - M

The modern way of thinking about economics has been I = M - S Where I is the I as in me, M is what is 'mine' and S is what ...


For some reason I feel like I must end with a story Schumacher tells in Good Work. During the War, as a German citizen living in England he was interned on a farm. His job was to get up at daybreak and climb the hills to count the cows. Day after day, he'd climb up the many hills and count the cows. Each day the count was the same. He'd been counting cows for a year when one day the count was one less. There had been 100 cows. Now there were 99. A cow had died that night. Fritz Schumacher's point was a simple one: Had he been noticing the cows in a qualitative way for a year instead of counting them, he may actually have noticed something valuable, something that may have saved the 100th cow.

From a letter to Matthew Goulish.