Sunday, May 6, 2018
What's in a name?
Professor Richard Nolthenius of Cabrillo College has been referring to the constant relationship between power and wealth in talks and podcasts as the Garrett Relation, or GR for short. Of course, its a bit embarrassing to have one's own name attached to a phenomenon. In my view, the really interesting thing about any phenomenon is what it tells us, and not the much more incidental matter of whomever happened to stumble upon it first. But as Richard has pointed out, it needs a name. Is there better wording? The Power Theory of Value (PTV) Relation seems a bit dry but workable. Or is the Garrett Relation as good as any?
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I still like "The Garrett Relation", as it rolls off the tongue nicely. The Power Theory of Value is a little vague about the particular meaning of "power", since in common parlance "power" is used in ads, sales,.... all sorts of places not suitable. Maybe "Energy Theory of Value", but I appreciate it's energy consumption RATE which is important, so that's not perfect either.
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