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5-1b1b1a3 Network effects (digital) > Supply and demand (physical)develop
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The division of labor (increasing return) beats ‘Invisible Hand’ (diminishing return), because innovation is both input and output of economy, and because it creates new frontiers. Knowledge is creative and there’s no rivalry between them.
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Paul Romer - ‘A characteristic feature of new knowledge is that it is non-rival, meaning that people can share it without using it up - but it is also partially excludable, meaning that whoever gets hold of it first can make money exploiting it, at least for a while’
- 1-1a5b4.4 Real-time calibration (i.e., recalibration) lets you adapt to the changing landscape
- 5-3c Knowledge is irreversible, and can only go from private to public
- <> Li Lu’s elaboration of knowledge exchange as 1+1>4
ScarcitydevelopMentalModels