there have never been more journals, papers, and scientists. But a deeper analysis reveals that even

The case of railroads points to another potential benefit: Bubbles often have positive spillover effects.

The bureaucratic machine of science is therefore an important cause of scientific stagnation.

The words “progress,” “innovation,” and “disruption” have become empty signifiers, ritualistically evoked in pitch decks and advertisements to suggest “world-changing” “novelty,” “creativity,” or “originality.” Semantically, these words have become hollowed-out totems of a culture optimized for algorithmically enhanced engagement and excitement.

Bitcoin has its own independent clock through “block time,” creating a decentralized (approximate) timekeeping mechanism independent of any central authority.

Yet passive investing destroys the price discovery process. No risks are taken and no investments are made based on a determinate vision of the future, because all that matters is the size of a stock or derivative and whether it will get included or excluded from an index. As a result, financial markets have become homogenized, dominated by a few p

weeks after two gushers were struck. These early days were characterized by extreme boom and bust cycles. Oil went for $16 a barrel in 1859, under 50¢ in 1861, and $8 in 1864.

Holding his head, Musk said, “I’m trying to figure out how we get humanity to Mars with all this bullshit.” Later, he added, “This is how civilizations decline. They quit taking risks. And when they quit taking risks, their arteries harden.

When cost is no object, as is the case in a bubble, innovators experiment with new technologies that aren’t cost-effective but which have unique characteristics that can lead to cost reductions down the line.