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...
Actual brains, which turn out be much more like sensory processors than logic machines.
When Homo sapiens came along, after all, the Neanderthals had a hard time, and virtually all animals were subdued. The lucky ones became pets, the unlucky lunch.
What makes capitalism succeed is not chiefly its structure of incentives but its use of knowledge and experience.
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. ....
The index is retrospective. The crucial alpha, the entropy, the signal modulating that linear advance...comes from knowledge of the entrepreneurial surprises harbored on the edge of the noise.
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...
Whereas Google envisages an era of machine dominance through artificial intelligence, you will rule your machines, and they will serve you as intelligent, willing slaves. You will be the oracle that p...
The passion for finding the system in experience, replacing surprise with order, is a persistent part of human nature...Science came to mean the elimination of surprise. It outlawed miracles, because...
Disguising this edifying process in the United States are the handi-capitalists in nominally private institutions – from Wall Street money-shufflers and government-guaranteed mortgage hustlers to corn...
The invention of reliable and recognizable timepieces—clocks and bell towers—liberated workers from the bondage of piecework, which entails regimentation to count the pieces and favors quantity over q...
Could the Gazans join the Israelis to create a Riviera on their exquisite beaches, their glowing sands? To do so, they would have to leave behind a world of zero-sum chimeras and fantasies of jihadist...
The war between the centrifuge of knowledge and the centripetal pull of power remains the prime conflict in all economies. Reconciling the two impulses is a new economics, an economics that puts free...