11-3.4 'Utility' (marginal, diminishing, increasing) - Specialization beats the Invisible Hand

Because the equilibrium can be realized only in the ERE.

• Increasing returns from specialization beat diminishing returns from equilibrium
  • 13-1a3a3 The equilibrium price implies no further changes (the so-called subjective improvements)
  • 13-1a3a4 The equilibrium price cannot be realized (except in the ERE)
  • Because the specialization processes happen indefinitely
    • 1-2g2t3d2 Knowledge-creation must also imply access to previously inaccessible universes, owning to its unlimited improvability
    • 1-2g3 The sphere of comprehensibility expands infinitely
  • 2-1d ‘Ecosystem’ & ‘Thermodynamics’ & ‘Double-entry bookkeeping’ - Everything is connected, there is no free lunch

Related:

• 2-1c2 ‘Specialization’ - Minimizing opportunity costs maximize comparative advantages and leads to prosperity
  • 9-2b3e4 Specific knowledge ≠ Universality
    • 9-2b3e3 There is no universal knowledge
      • 2-2a ‘Emergence’ - Knowledge can be created out of nothing and is unpredictable
        • 5-3b Knowledge creates new frontiers (and new markets)

Next:

• 11-3.5 There is no universal utility. Utility doesn’t exist in the abstract, it must be rooted in the context and corresponding explanations.

  • 5-1b1a8 ‘Opportunity cost’ and ‘comparative advantage’ must be rooted in explanations. Never use them as ad hoc criteria.
    • 3-1d5 You can question the adequacy of the tools at hand insofar as it relates to some specific problems of yours. You don’t evaluate them ‘comparatively’ based on its ‘utility’ without explanations.

• 5-1b1b1a3 Network effects (digital) ＞ Supply and demand (physical)develop

  • 3-1c2e4.1 ‘Scarcity’ - Knowledge is rare but never a scarce resource

”An old Yorkshire saying: where there’s muck, there’s brass. Meaning that unpleasant work pays. And more to the point here, vice versa. Work people like doesn’t pay well, for reasons of supply and demand. What I mean is, if you’re starting a company that will do something cool, the aim had better be to make money and maybe be cool, not to be cool and maybe make money.” – Paul Graham