As I put it, wealth is knowledge, created by learning new information, defined by its surprise. As Information Theory inventor Claude Shannon put it, information is "unexpected bits," gauged by their surprisal. Money is time, defining the scarcities of human hours and years. As Huang says, in human intelligence and labor, "we are always millions of people short." Read More ›
In economics the law of supply decrees that as price increases, the quantity supplied also increases. In other words, the classical supply curve is upward sloping. This is true in a world with no learning. But every time an additional unit is produced and acquired by a consumer, producers get better at making it and consumers get better at using it. Both parties are learning and growing the knowledge base. Read More ›
