Money and Finance
- Moonwalking With Einstein
Chris over at The View from the Blue Ridge posted a great excerpt from the book Moonwalking with Einstein, which is pasted below. That book may have been the most useful one I've read over the past couple of years from an investing standpoint, as...
- Roumell Q2 2013 Letter: Price Trumps Economic Forecasting
Price Trumps Economic Forecasting In July 2009, the very popular macroeconomic investment strategist Marc Faber predicted that the United States was about to enter a period of hyperinflation approaching the levels of Zimbabwe. PIMCO’s Bill Gross in...
- Nassim Taleb On Innovation
“How do you innovate? First, try to get in trouble. I mean serious, but not terminal, trouble. I hold—it is beyond speculation, rather a conviction—that innovation and sophistication spark from initial situations of necessity, in ways that go far...
- The Myth Of The Innovator Hero - By Vaclav Smil
Found via Paul Kedrosky. We like to think that invention comes as a flash of insight, the equivalent of that sudden Archimedean displacement of bath water that occasioned one of the most famous Greek interjections, εὕρηκα. Then the inventor gets...
- Don't Confuse The Economy With The Stock Market
Here are a couple of paragraphs from Unexpected Returns that highlight the importance of being careful not to confuse the economy with the stock market.Economic Growth and Stock Market ReturnsThe lack of correlation between economic growth and stock market...
Money and Finance
Invention Is the Mother of Economic Growth - By Nathan Myhrvold
Found via The Big Picture.
One reason “dismal science” aptly describes economics is that it so often winds up in a zero-sum trade-off of diminishing returns. That gets depressing when the global economy is in a sorry state, as it is now.
Most economists gloomily advise us to just tough it out. No magical solution can save us.
I submit that the situation is not as bleak as it seems. Yes, Virginia, there is a magical engine for economic growth. It is invention -- the process by which the human mind creates new ideas with practical consequences. Invention is magical because the magnitude of the output can exceed by almost infinite measure the magnitude of the inputs. A single great idea can generate enormous transformations, economic and otherwise.
One reason “dismal science” aptly describes economics is that it so often winds up in a zero-sum trade-off of diminishing returns. That gets depressing when the global economy is in a sorry state, as it is now.
Most economists gloomily advise us to just tough it out. No magical solution can save us.
I submit that the situation is not as bleak as it seems. Yes, Virginia, there is a magical engine for economic growth. It is invention -- the process by which the human mind creates new ideas with practical consequences. Invention is magical because the magnitude of the output can exceed by almost infinite measure the magnitude of the inputs. A single great idea can generate enormous transformations, economic and otherwise.
- Moonwalking With Einstein
Chris over at The View from the Blue Ridge posted a great excerpt from the book Moonwalking with Einstein, which is pasted below. That book may have been the most useful one I've read over the past couple of years from an investing standpoint, as...
- Roumell Q2 2013 Letter: Price Trumps Economic Forecasting
Price Trumps Economic Forecasting In July 2009, the very popular macroeconomic investment strategist Marc Faber predicted that the United States was about to enter a period of hyperinflation approaching the levels of Zimbabwe. PIMCO’s Bill Gross in...
- Nassim Taleb On Innovation
“How do you innovate? First, try to get in trouble. I mean serious, but not terminal, trouble. I hold—it is beyond speculation, rather a conviction—that innovation and sophistication spark from initial situations of necessity, in ways that go far...
- The Myth Of The Innovator Hero - By Vaclav Smil
Found via Paul Kedrosky. We like to think that invention comes as a flash of insight, the equivalent of that sudden Archimedean displacement of bath water that occasioned one of the most famous Greek interjections, εὕρηκα. Then the inventor gets...
- Don't Confuse The Economy With The Stock Market
Here are a couple of paragraphs from Unexpected Returns that highlight the importance of being careful not to confuse the economy with the stock market.Economic Growth and Stock Market ReturnsThe lack of correlation between economic growth and stock market...