Sublime

The most important question addressed in this book is whether a capitalist economy can function properly without market-determined interest.

“You think he’d be a good investor?” asked Bruce Dunlevie. “I do, but the reason I do is because he’s a rare combination of highly intellectually curious and humble. I think he really is open to questioning his own thought process and what’s really working, what’s not working.”

over time, few beat the market.

Stigler’s mark in economics centered on the economic competency—or rather incompetency—of state power. Once man’s behavior was reduced to utility-maximizing self-interest, economists were able to tear down the edifices of government intervention in the economy; they sought “a large role for explicit or implicit prices in the solution of many social

She said much of the finance industry has too narrow a view of its strategy and goals. It often becomes a short-term, almost zero-sum game with many investors focused only on small relative gains won against each other.

In a static world, a monopolist is just a rent collector.

Third, this constant and pointless demand for financialization will create political and business opportunities to better facilitate it.

Real Wealth ≠ Financial Wealth.