Sublime

The point is that underlying technologies change, but, after a point, technology market shares don’t change and so they’re highly predictable.

“They have hired astronomers; they have hired mathematicians; they have hired physicists; they have even hired theologists. They never even interviewed an economist.”

First, there will be an incentive to find some asset other than money to save with.

In the 1930s, Max Kleiber, a Swiss agricultural biologist, observed that, across mammal species, from shrews to elephants, the energy required to maintain basic metabolic function is closely correlated with an organism’s body size.

Adaptation through rapid trial and error is invaluable.

studying the motivations of individuals in isolation: the patterns we see are a fundamentally social affair. More, as Anderson

In general, risk-averse behavior has been common among all groups that operated along the margins of survival. The sheer challenge of survival in premodern societies always constrained the behavior of the poor. An interesting feature of this risk aversion, explored in The Great Reckoning, is that it reduced the range of peaceful economic behavior t

Any view of financial systems must recognize that they are ecosystems, linking agents, stocks, and flows. Just as an ecosystem ecologist is focused on the cycling of crucial elements like carbon, nitrogen, and phosphorus, so too might a “financial ecologist” focus on the sustainable cycling of crucial elements like capital, labor, and financial inn