5-3b Knowledge creates new frontiers (and new markets)
2-1a0 ‘Creative destruction’ - Think outside the box. Evolution of ideas must be revolutionary. Knowledge creation involves rebellion against current explanatory framework.
5-1b1b1a3 Network effects (digital) ＞ Supply and demand (physical)develop
5-1b1b1a Power-law curiosity - be professionally curious about a few topics and idly curious about many more
5-1b4c2a When you have an agency, you don’t get depleted. We aren’t powered by a battery.
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.
5-1b1b1a1 Things can become easier the more complexity you have (Network effects = Power-law)
1-2d You have to know your problem-situation (and your web of ideas) as best as you can to judge the merit of new explanations
4-1a4b6a0 You can use ideas both NOW (upside - cognitive offload) and LATER (upside - ideas becoming useful with new interpretation). Ideas ≠ Money.
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’
ScarcitydevelopMentalModels