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a parsimonious way of understanding the islands of central planning that we know as firms is to search for the point at which the cost of transactions taking place internally within the firm equals the cost of market transactions. When the external transactions become less costly than the internal transactions, firms stop growing, since it is
... See moreCesar Hidalgo • Why Information Grows: The Evolution of Order, from Atoms to Economies
🎧 Reid Hoffman on How AI Might Answer Our Biggest Questions
every.to“There are a number of jobs that are based, in large measure, on either intellectual capital or craft-based skills, both of which have been honed through years of education, training and experience. Many of these kinds of knowledge-intensive activities, such as cultural production, scientific research, design work, mathematical analysis, computer
... See moreCesar Hidalgo • Why Information Grows: The Evolution of Order, from Atoms to Economies
the local manager and the central administrator invested time in classifying the role of a third person, the actual worker, with a net value-added of zero for all of their efforts, which was actually nearly a net negative. How should a large organization classify its people? Or maybe the right question to ask is: should a large organization
... See moreTim Kane • Bleeding Talent: How the US Military Mismanages Great Leaders and Why It's Time for a Revolution
The secret of great trading: you need to be fast in the sense of being adaptive and agile, but you can’t be erratic. You can’t get weak knees at every little spike move swaying you one way or the other. You need to be resilient through noise, but not obstinate. So, it’s that line of fast and slow, that adaptiveness, that is really key. The key to
... See moreW. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
ENTRY POINT #2: SYSTEMS STUDY