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Books I Read

25 STASHED IDEAS

It is common for one party to a transaction to have better information than another party. In the parlance of economists, such a case is known as an information asymmetry. We accept as a variety of capitalism that someone (usually an expert) knows more than someone else (usually a customer). But information asymmetries everywhere have in fact been gravely wounded by the internet.

As a medium, the internet is brilliantly efficient at shifting information from the hands of those who have it into the hands of those who do not. It has vastly shrunk the gap between the experts and the public.

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If a society cannot provide the right kind of incentives to behave productively, no amount of technical infrastructure can save it from poverty.

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