Sublime

If economic activity is a language, trade a speech act, and prices the compressed signal of syntax, then entrepreneurship bears a remarkable resemblance to authorship.

leverage is also central to its economics.

But they hold these resources in defective forms: houses built on land whose ownership rights are not adequately recorded, unincorporated businesses with undefined liability, industries located where financiers and investors cannot see them. Because the rights to these possessions are not adequately documented, these assets cannot readily be turned

a) a responsabilização de empreendedores/investidores; b) a proteção à privacidade; e c) as garantias relativas à propriedade intelectual das empresas.

The geography of most modern urbanization can ultimately be traced back to navigable waterways and deep harbors, followed by hundreds or even thousands of years of network effects pertaining to industry (i.e., progressive integration of labor and capital) and the iteratively compounding Pareto distributions that naturally follow.

Economically relevant information is discovered from experimentation, not deduced from a model.

My thinking is that in the Entrepreneurial Age the housing market should be analyzed through a categorization scheme that simply separates two groups. On the one hand are what my wife, Laetitia Vitaud, calls the hunters: people who spend a relatively short amount of time in a particular area because they’re hunting for money (as workers), knowledge