Sublime

(note that even institutional investors seem to have a neocortex).

combination of smart, well trained, experienced, tenacious and motivated, and quite far away#—geographically, intellectually, and/or socially—from any organization’s

Intellectual Capital: The New Wealth of Organizations. Pay particular attention to the extensive appendix, where he suggests specific accounting rules that better align with an information-based economy than with a manufacturing-type economy, which generated many of the FASB rules we follow today.

chance to also specialize and thereby earn a higher income.

The complexity of all this activity is mind-boggling. Imagine a small rural town, the kind of quiet, simple place you might go to escape the hurly-burly of modern life. Now imagine that the townspeople have made you their benevolent dictator, but in exchange for your awesome powers, you are responsible for making sure the town is fed, clothed, and

ideas of what would coalesce into complexity theory later in the twentieth century, highlighted that the actions of individual members could generate information that was highly valuable to the entire crowd.

to be successful the system has to produce prosperity for most people, especially the large middle class.

The economy is thus comprised of evolving networks of interacting agents, institutions, and technologies—networks of networks. The macro- level patterns of the economy—growth, innovation, business cycles, market booms and busts, inequality, and carbon emissions—then emerge from these dynamic micro- and meso-level interactions. From the complexity e

network effects (the more good investment algorithms it holds, the more capital it will attract; the more capital it holds, the more algo traders it will attract),