Sublime

state surveillance, social credit systems, law subservient to the state, and centrally planned economic activity—will be embedded into the future of money, diminishing the vibrancy and health of the global economy, individual liberty, and human advancement.

From the necessity of centralizing gold arose government money backed by gold, which was more salable in scale, but with it came government expansion of the money supply and coercive control which eventually destroyed money's soundness and sovereignty.

They start with the underprivileged being typically cut off from what Peruvian economist Hernando de Soto calls the “mystery of capital,” the idea that economic growth and the creation of wealth depend on clearly defined and documented property rights.

“we have entered a different phase for the economy, a new era where production matters less and what matters more is access to that production: distribution, in other words—who gets what and how they get it”[282]. In this context, there

Each company is trying to figure out how to strategize, how much to invest, what the technology should be. In a case like that, it’s not at equilibrium.

Institutional innovations are of course essential determinants of human history. Like technological innovations, they flow across the globe, carried by migrants, conquering armies, and scholars, diplomats, travelers, and even spies reporting on developments in other parts of the world.

Douglas MacArthur is one of those blips in history, an idiosyncratic figure who, for reasons hard to satisfactorily explain, acquired far more power than he had any reason to. In the United States in the mid-twentieth century, there were three such men, each operating on a different scale. On the level of the city, there was Robert Moses, who someh

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

Start-Ups Create Most New Net Jobs in the United States