An ideal business model has network effects, low marginal costs, and scale economies.

Scale economies: the more you produce, the cheaper it gets. This builds up an automatic barrier to entry against competition and getting commoditized.

Technology products especially, and m...

There are four ways in which online networks differ from offline networks.

• Scale: It is possible to interact with a huge number of other individuals online.
• Communality: Online networks facilitate large-scale cooperation.
• Sp...

• Adam Smith advocated for reducing the role of government intervention and taxation in free markets, but he saw the government as responsible for a country's education and defence sectors.
• From Smith comes the idea of the "invisible hand" that guides the forces of supply and demand ...