Increasing returns from specialization beat diminishing returns from equilibrium
2-1d ‘Ecosystem’ & ‘Thermodynamics’ & ‘Double-entry bookkeeping’ - Everything is connected, there is no free lunch
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)
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
PG (again):
“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.”