The ability to believe things that aren't true or haven't happened yet is the foundation of all economic growth and decline.
Every society tells fictional stories and is willing to believe them to some extend. It isn't a bad thing: It's the root of most growth. Most economic growth comes from optimism, and optimism requires a degree of believing in something you can't or haven't verified.
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Economic history can seem complicated because it's part of politics, psychology, sociology, criminology, biology, military, technology, education, finance, etc. But within all that complexity is a lot of similarities.
A good idea taken to the furthest extreme becomes indistinguishable from a terrible idea.
The most important technological breakthroughs deliver such a high that most will fail to know the limits and will inevitably overdose. Railroads transformed every inch of the econ...
The only thing harder than gaining a competitive edge is not losing an advantage when you have one.
Sears was the largest retailer in the world and so dominant at retailing efficiency that it could spread its efficiency to unrelated industries. But then the growing inco...
Surprises are constant, and not necessarily because we’re bad at predicting, but because everything important in the economy is driven by power laws where a tiny portion of things are responsible for the majority of outcomes. No single forecaster can track every moving part.
Future progress is underrated because past progress is misunderstood.
"Money does not guarantee success." ~ Jose Mourinho
Economics is also about the stories we tell ourselves
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