3-1c2e4.2 ‘Supply and demand’ - Physical is getting expensive
But 3-1c2e4.1 ‘Scarcity’ - Knowledge is rare but never a scarce resource
5-1b1b1a3 Network effects (digital) ＞ Supply and demand (physical)
2-1a0 ‘Creative destruction’ - Think outside the box. Evolution of ideas must be revolutionary. Knowledge creation involves rebellion against current explanatory framework.
The framework of equilibrium is not really applicable for things with network effects (i.e., basically anything innovative)
5-1b1b1a1 Things can become easier the more complexity you have (Network effects = Power-law)
2-1a0 ‘Creative destruction’ - Think outside the box. Evolution of ideas must be revolutionary. Knowledge creation involves rebellion against current explanatory framework.
3-1c2e4.1 ‘Scarcity’ - Knowledge is rare but never a scarce resource
5-1b1b1a3 Network effects (digital) ＞ Supply and demand (physical)
5-1b1b1a1 Things can become easier the more complexity you have (Network effects = Power-law)
3-1d7 ‘Escape velocity’ - Little expressivity goes long way
7-1a2a1.1 ‘Scale’ - Anything that scaled started small, at the edge, at the frontier, as an avant-garde
vs
3-1c2e4.2 ‘Supply and demand’ - Physical is getting expensive
11-3.2 ‘Regression to the mean’ - Don’t be fooled by randomness
11-3.3 ‘The law of diminishing returns’ - We can recalibrate the curve so that we are always at the growing phase of the S-curve!
11-3.4 ‘Utility’ (marginal, diminishing, increasing) - Specialization beats the Invisible Hand