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 ›
The stock-market carnage came fast and furious, wrecking GameStop -like memes and get-rich-quick crypto schemes and cracking SPACs. The ringleader, Robinhood, fueled by stimulus checks, is a good proxy for the excess. Its stock is down almost 80% from its August peak. It is a fine time to ask: What is wealth? Read More ›
Anyone determined to provide a “new economics” must haul a heavy burden of proof up a steep slope of professional resistance. At the summits of academic prestige, economics presents a Delphic façade of math and marble. Read More ›
