All entrepreneurial and technological ventures, according to a canonical paper by the productivity theorist Robert Gordon, face the closing of the world’s productivity frontier.
Mollusks—Einstein’s word for entities in a relativistic world.
While market economies are often thought of as money economies, they are still more so knowledge economies…. Economic transactions are purchases and sales of knowledge. After all, the cavemen had th...
Under Arab rule, Palestine had always been a somnolent desert land that could have sustained no authentic twentieth-century Arab awakening. Palestine without Jews is a not a nation but a naqba.
This process of wealth creation is offensive to levelers and planners because it yields mountains of new wealth in ways that could not possibly be planned. But unpredictability is fundamental to free...
Egalitarians never seem to understand that promoting economic equality in theory means promoting resentments and polarization in practice, making everyone worse off. —Thomas Sowell (2016)
They imagine that the plight of the Palestinians reflects not their own Marxist angst, anti-Semitic obsessions, and recidivist violence but the actions of Israel. In their view, Israel’s wealth stems...
We begin with the proposition that capitalism is not chiefly an incentive system but an information system. We continue with the recognition, explained by the most powerful science of the epoch, that...
Alphabet, is worth nearly $800 billion, only about $100 billion less than Apple. How do you get rich by giving things away? Google does it through one of the most ingenious technical schemes in the hi...
It removes information from the market when I need more and more...Indexing is a waste heap--information so merged and muffled that it hides knowledge rather than reveals it. All beta, no alpha.
Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and con...
In his eighteenth-century system of the world, Newton brought together two themes. Embodied in his calculus and physics, one Newtonian revelation rendered the physical world predictable and measurable...
What makes capitalism succeed is not chiefly its structure of incentives but its use of knowledge and experience.
But the most impressive Markov warriors and Siren Servers are not at Google or Amazon or Facebook. They reside at a little-known but astonishingly successful company transforming the world of finance....
Thus has been the only commodity whose future price is always equal to the spot price plus the rate of interest over the time period. A million paper dollars held since 1913, when the Federal Reserve...
Warren Buffett summed up the conventional view with his usual pith: Gold gets dug out of the ground . . . we melt it down, dig another hole, bury it again and pay people to stand around guarding it. ....
Money, like the cosmos, has become relativistic and reversible at will. The three hundred years of Newtonian prosperity having come to an end, the new multiverse seems unable to repeat the miracle of...
Originating in large scale electronic warfare and anti-jamming technologies for the battlefield devised by two Russian immigrants, these now one-chip systems can fit in a handset and enable intercommu...
The source and root of all monetary evil [is] the government monopoly on the issue and control of money. —Friedrich Hayek
In the United States, unmoored Markovian money can be manipulated at will by the Federal Reserve in the interests of its sponsors in government and their pseudo-private cronies.
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