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But in Morgan’s case, the fact that he had a rich father, Junius Spencer Morgan, meant that J. P. Morgan, like Thiel in 2004, had money to lose. This truth should not be minimized. While there’s nothing wrong with investing that’s focused on wealth preservation or achieving predictable returns, major entrepreneurial advances don’t often emerge from defensive investing. Big advances that truly expand the amount of economic resources in a society (as always, credit) are, as George Gilder puts it, the result of “surprise.”8 Edison’s innovations that led to the electric light bulb and a company that thrives to this day (General Electric) were the definition of surprise. Indeed, Junius Morgan, a keen allocator of capital himself, advised his son against tangling with Edison. As Thomas Kessner wrote in his 2004 book Capital City, Junius “wanted to have nothing to do with the eccentric inventor and his bulb experiments.”9 Thankfully, J.
Government is a barrier to production, and its waste enriches the political class, all the while destroying limited credit that would otherwise fund huge economic advances. Higher federal revenues represent a hideous bug in the supply-side tax-cutting argument, not a feature. It’s time to cut taxes to a rate that actually pushes revenues well below the Laffer curve. CHAPTER EIGHT Why “Senator Warren Buffett” Would Be a Credit-Destroying Investor It is the leap, not the look, that generates the crucial information. —George Gilder BACK IN THE EARLY PART of the twentieth century, when the automobile industry was in its infancy, there were more than two thousand car companies in operation. Notably, only around 1 percent of them survived.1 This statistic from over a century ago is worth bringing up, in light of what was discussed in the previous chapter—it, and the frequent, and very lazy, use of the word “bubble” by market pundits.
Readers need only to think back to how people lived, worked, communicated, and watched movies and television in 1990 versus today. The difference is staggering, and because it is, it was only natural that all manner of unsuccessful ideas received funding in the technology space. When we consider what the Internet “bubble” wrought, including a shallow downturn as the markets were cleared of some admittedly bad ideas, the only sane response would be to wish for more of these “bubbles” every few years. Indeed, as George Gilder notes in his masterful Knowledge and Power, “Crises may be growth spasms.” Gilder’s point is that economic advancement is about the leap, and it was during the Internet boom that massive amounts of saving and investing gifted the marketplace with voluminous information; some of it good, some of it great, most of it profitless. But all of it provided investors and entrepreneurs with greater clarity in their relentless pursuit of returns.
1960s counterculture, A Declaration of the Independence of Cyberspace, Apple's 1984 Super Bowl advert, back-to-the-land, bioinformatics, Buckminster Fuller, Claude Shannon: information theory, complexity theory, computer age, conceptual framework, Danny Hillis, dematerialisation, distributed generation, Douglas Engelbart, Dynabook, From Mathematics to the Technologies of Life and Death, future of work, game design, George Gilder, global village, Golden Gate Park, Hacker Ethic, Haight Ashbury, hive mind, Howard Rheingold, informal economy, invisible hand, Jaron Lanier, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, market bubble, Marshall McLuhan, means of production, Menlo Park, Mother of all demos, new economy, Norbert Wiener, post-industrial society, postindustrial economy, Productivity paradox, QWERTY keyboard, Ralph Waldo Emerson, RAND corporation, Richard Stallman, Robert Shiller, Robert Shiller, Ronald Reagan, Silicon Valley, Silicon Valley ideology, South of Market, San Francisco, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, technoutopianism, Ted Nelson, Telecommunications Act of 1996, theory of mind, urban renewal, Vannevar Bush, Whole Earth Catalog, Whole Earth Review, Yom Kippur War
N o t e s t o Pa g e s 2 2 3 _ 2 3 2 [ 287 ] 32. Gilder and Dyson had known each other since the early 1980s, when Gilder had brieﬂy covered semiconductors for Dyson’s newsletter Release 1.0. For a thorough critical analysis of the “Magna Carta,” see Moore, “Cyberspace Inc. and the Robber Baron Age.” 33. Gilder, Men and Marriage, vii; Bronson, “George Gilder,” 188. 34. For an account of these conferences, see Borsook, Cyberselﬁsh, 59 – 61, 131–33. 35. Gilder, quoted in Kelly, “George Gilder,” 39, 40. 36. Ibid., 40. 37. Wiener, Human Use of Human Beings, 96. Two years after running this piece, Kelly and Wired published a mild critique of Gilder’s views by David Kline and Daniel Burstein, entitled “Is Government Obsolete?” Kline and Burstein took Gilder to task for supporting temporary monopolies in the telecommunications industries and for allowing the government virtually no role in shaping telecommunications markets.
And if it was, they suggested, then those who built their lives around the Net and those who sought to deregulate the newly networked marketplace might in fact be harbingers of a cultural revolution. In the pages of Wired, at least, this new elite featured the citizens of the WELL, the members of the Global Business Network, and the founders of the Electronic Frontier Foundation—all groups well woven into the fabric of the Whole Earth community—as well as Microsoft’s Bill Gates, libertarian [ 8 ] Introduction pundits such as George Gilder, and, on the cover of one issue, conservative Republican Congressman Newt Gingrich. To those who think of the 1960s primarily as a break with the decades that went before, the coming together of former counterculturalists, corporate executives, and right-wing politicians and pundits may appear impossibly contradictory. But as the history of the Whole Earth network suggests, it isn’t. As they turned away from agonistic politics and toward technology, consciousness, and entrepreneurship as the principles of a new society, the communards of the 1960s developed a utopian vision that was in many ways quite congenial to the insurgent Republicans of the 1990s.
The builders of computers and telecommunications networks, suggested Wired—men like John Malone of TV cable behemoth TCI, Frank Biondi and Ed Horowitz of Viacom, and Bill Gates of Microsoft—were working to construct the hightech infrastructure of a new and better world. So too were libertarian pundits and politicians. In the logic of Wired, they were simply social, as opposed to technical, engineers. Like their brethren in Silicon Valley, conservative author and media analyst George Gilder, futurist Alvin Tofﬂer, and Republican Speaker of the House Newt Gingrich were working to bring about individual liberation and government by contract and code. Together, Wired seemed to suggest, these two communities had set about to free America and the world from the rigid, oppressive corporate and government bureaucracies of the twentieth century. In 1998 Richard Barbrook and Andy Cameron named Wired’s particular blend of libertarian politics, countercultural aesthetics, and techno-utopian visions the “Californian Ideology.”
The Future of Ideas: The Fate of the Commons in a Connected World by Lawrence Lessig
AltaVista, Andy Kessler, barriers to entry, business process, Cass Sunstein, computer age, dark matter, disintermediation, Erik Brynjolfsson, George Gilder, Hacker Ethic, Hedy Lamarr / George Antheil, Howard Rheingold, Hush-A-Phone, HyperCard, hypertext link, Innovator's Dilemma, invention of hypertext, inventory management, invisible hand, Jean Tirole, Jeff Bezos, Joseph Schumpeter, linked data, Menlo Park, Network effects, new economy, packet switching, price mechanism, profit maximization, RAND corporation, rent control, rent-seeking, RFC: Request For Comment, Richard Stallman, Richard Thaler, Ronald Coase, Search for Extraterrestrial Intelligence, SETI@home, Silicon Valley, smart grid, software patent, spectrum auction, Steve Crocker, Steven Levy, Stewart Brand, Ted Nelson, Telecommunications Act of 1996, The Chicago School, transaction costs
Hazlett, Reason (January 1997). 29 See Linda Shrieves, “When It's Your Turn, Here's Why You're Served a Chorus of . . . ; The Birthday Song Is Still Copyrighted and Nets Nearly $1 Million a Year in Royalties,” Orlando Sentinel, February 27, 2001, E1. 30 Or at least not yet. George Gilder has repeatedly argued that a future infrastructure based on fiber optics would provide “infinite bandwidth.” See George Gilder, Telecosm: How Infinite Bandwidth Will Revolutionize Our World (New York: Free Press, 2000); George Gilder, “Rulers of the Rainbow: The New Emperors of the Telecosm Will Use the Infinite Spectrum of Light—Visible and Invisible—to Beef up Bandwidth,” Forbes ASAP (October 1998): 104; and George Gilder, “Into the Fibersphere (Fiber Optics),” Forbes (December 1992): 111. 31 Ben H. Bagdikian, The Media Monopoly, 6th ed. (Boston: Beacon Press, 2000), 4. 32 Robert W. McChesney, Rich Media, Poor Democracy: Communication Politics in Dubious Times (Urbana: University of Illinois Press, 1999), 18. 33 The reasons for this increased concentration are hard to track precisely.
Some QoS technologies, in other words, are more consistent with the principle of end-to-end than are others.68 But proponents of these changes often overlook another relatively obvious solution—increasing capacity.69 That is, while these technologies will certainly add QoS to the Internet, if QoS technologies like the “RSVP” technology do so only at a significant cost, then perhaps increased capacity would be a cheaper social cost solution.70 Put differently, a pricing system for allocating bandwidth solves certain problems, but if it is implemented contrary to end-to-end, it may well do more harm than good. That is not to argue that it will do more harm than good. We don't know enough yet to know that. But it raises a fundamental issue that the scarcity mentality is likely to overlook: The best response to scarcity may not be a system of control. The best response may simply be to remove the scarcity. This is the promise that conservative commentator George Gilder reports. The future, Gilder argues, is a world with “infinite” bandwidth.71 Our picture of the Net now—of slow connections and fast machines—will soon flip. As copper is replaced with glass (as in fiber optics) and, more important, as electronic switches are replaced by optical switches, the speed of the network will approach the speed of light. The constraints that we know from the wires we now use will end, Gilder argues.
The advocates for free or open spectrum want to enable an extensive range of new technologies. They resist the efforts by entrenched interests to use government-granted rights over spectrum as a way to protect their own interests. They resist, that is, both government-granted and market-regulated licenses. Thus, when the government proposed auctioning off more of the radio spectrum, conservative economist George Gilder responded not by praising markets, but by attacking the political corruption implicit in these deals. Says Gilder: Still more subversive of good policy, the very auction process entrenches obsolescent technology and promotes the false idea that spectrum is the basis of a natural monopoly.37 Gilder favors innovation and change over state-supported monopolies. His aim is to push policies that would open up the resources of spectrum to the widest range of innovators.
Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder
affirmative action, Albert Einstein, Bernie Madoff, British Empire, capital controls, cleantech, cloud computing, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, deindustrialization, diversified portfolio, Donald Trump, equal pay for equal work, floating exchange rates, full employment, George Gilder, Home mortgage interest deduction, Howard Zinn, income inequality, invisible hand, Jane Jacobs, Jeff Bezos, job automation, job-hopping, Joseph Schumpeter, knowledge economy, labor-force participation, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, mortgage debt, non-fiction novel, North Sea oil, paradox of thrift, Plutocrats, plutocrats, Ponzi scheme, post-industrial society, price stability, Ralph Nader, rent control, Robert Gordon, Ronald Reagan, Silicon Valley, Simon Kuznets, skunkworks, Steve Jobs, The Wealth of Nations by Adam Smith, Thomas L Friedman, upwardly mobile, urban renewal, volatility arbitrage, War on Poverty, women in the workforce, working poor, working-age population, yield curve
., American Ethnic Groups, pp. 167–200. 3 Andrew Greeley, “The Ethnic Miracle,” Public Interest, no. 45 (Fall 1976), pp. 20–36. 4 Irwin Garfinkel and Robert Haveman, with the assistance of David Betson, U.S. Department of Health, Education and Welfare, Earnings Capacity, Poverty, and Inequality, Institute for Research on Poverty Monograph Series (New York: Academic Press, 1977), p. 32 and passim. 5 Ibid. 6 George Gilder, Visible Man: A True Story of Post-Racist America (New York: Basic Books, 1978), p. 188. 7 George Gilder, Sexual Suicide (New York: Quadrangle/the New York Times Book Co., 1973), rev. ed. (New York: Bantam Books, 1974), p. 90. 8 E. A. Wrigley, Population and History (New York: McGraw-Hill, 1969), pp. 76–77. 9 Ibid., p. 13. 10 Ibid., p. 116. 11 Edward Banfield, The Moral Basis of a Backward Society (New York: the Free Press, 1958; paperback ed., 1967). 12 Adolph Berle, American Economic Republic (New York: Harcourt, Brace & World, 1963), chapter 7. 13 Christopher Jencks et al., Inequality: A Reassessment of the Effect of Family and Schooling in America (New York: Basic Books, 1972). 14 Lionel Tiger, Optimism, the Biology of Hope (New York: Simon and Schuster, 1979). 15 Ivan H.
Chapter Eleven 1 Most of the observations in this chapter are based on two years of empirical investigation and analysis of welfare communities in New York and South Carolina in George Gilder, Visible Man: A True Story of Post-Racist America (New York: Basic Books, 1978). 2 Martin Anderson, Welfare: The Political Economy of Welfare Reform in the United States (Stanford, CA: Hoover Institution Press, 1978), p. 134. 3 Frederick Doolittle, Frank Levy, and Michael Wiseman, “The Mirage of Welfare Reform,” Public Interest, no. 47 (Spring 1977), pp. 62–87. 4 Irwin Garfinkel and Robert Haveman, with the assistance of David Betson, U.S. Department of Health, Education and Welfare, Earnings Capacity, Poverty, and Inequality, Institute for Research on Poverty Monograph Series (New York: Academic Press, 1977), pp. 61–69. 5 Charles D. Hobbs, The Welfare Industry (Washington, DC: the Heritage Foundation, 1978), pp. 74–75. 6 George Gilder, Sexual Suicide (New York: Quadrangle/the New York Times Book Company, 1973); rev. edition (New York: Bantam Books, 1974), pp. 175–183. 7 Many researchers denied any significant causal connection between welfare and family breakdown.
Capitalism does all the things that advocates of big government claim they are trying to do: uplift the poor; expand our sense of humanity; break down xenophobic barriers between groups of people and between nations; encourage cooperation, altruism, and creativity; and let everyone, as Abraham Lincoln put it, improve their lot in life. We should glorify—or at least advocate and defend—capitalism and capitalists for moral reasons, not just material ones. The abundances they create come about precisely because of capitalism’s moral foundations. This profound, basic understanding is what makes George Gilder’s Wealth & Poverty one of the great books of Western civilization, on par with Adam Smith’s The Wealth of Nations and the late Jude Wanniski’s The Way the World Works. The original edition was published in the early 1980s when, like today, people had profound doubts about capitalism. Gilder’s opening words were, “The most important event in the recent history of ideas is the demise of the socialist dream.”
accounting loophole / creative accounting, affirmative action, Asian financial crisis, barriers to entry, borderless world, Branko Milanovic, Bretton Woods, capital controls, corporate governance, correlation coefficient, credit crunch, deindustrialization, dematerialisation, deskilling, ending welfare as we know it, feminist movement, full employment, gender pay gap, George Gilder, glass ceiling, Gordon Gekko, greed is good, half of the world's population has never made a phone call, income inequality, indoor plumbing, Internet Archive, job satisfaction, joint-stock company, Kevin Kelly, labor-force participation, liquidationism / Banker’s doctrine / the Treasury view, manufacturing employment, means of production, minimum wage unemployment, Naomi Klein, new economy, occupational segregation, pets.com, profit maximization, purchasing power parity, race to the bottom, Ralph Nader, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, Silicon Valley, Simon Kuznets, statistical model, structural adjustment programs, Telecommunications Act of 1996, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, total factor productivity, union organizing, War on Poverty, women in the workforce, working poor, Y2K
Even as we explore the most advanced reaches of science, we're returning to the age-old wisdom of our culture, a wisdom contained in the book of Genesis in the Bible: In Novelty the beginning was the spirit, and it was from this spirit that the material abundance of creation issued forth. Reagan's invocation of scripture isn't standard in the New^ Economy literature, but there's no small amount of mysticism and true-beheverhood in the doctrine. As Frank pointed out, Reagan's Hne was straight out of George Gilder—and it's quite likely Gilder's son Josh wrote the speech. Gilder is a fascinating figure; it's stunning how his seemingly wacky thoughts become conventional wisdom in a decade or less. Most centrists and Hberals found his 1981 book Wealth and Poverty, with its argument that the poor are spoiled by a generous welfare state (as if the U.S. ever had one of those) and instead need the spur of their poverty, rather implausibly brutal; just a decade later.
Most centrists and Hberals found his 1981 book Wealth and Poverty, with its argument that the poor are spoiled by a generous welfare state (as if the U.S. ever had one of those) and instead need the spur of their poverty, rather implausibly brutal; just a decade later. Bill CHnton won the presidency in part on a promise to "end welfare as we know it," and just a few years later, he signed a bill that did exactly that.^ And Gilder's late-1980s New Economy claims seemed loopy when he first issued them; less than a decade later, they were painfully ubiquitous. Back in the summer of 1987, when the Eighties were at their Roar-ingest, an interview with George Gilder ran on the now-departed Financial News Network. Gilder, looking hke he'd just beamed aboard from Melville's Fidele (the flagship of The Confidence-Man), ZTgaed that the trade deficit was nothing to worry about. Trade figures count only things, said the poet laureate of entrepreneurship, but what really makes the world move today is information: today, capital bounces around on sateUites and dances up and down fiber-optic cables.
And relying on the stock market to judge the company and pay senior managers was right in line with all the trendy talk fi-om professors and consultants. And it all went badly wrong. But instead of being read as a judgment on the idiocy of all these fashions, it's being read as a case of personal corruption—if it's being read at all. Because now 36 After the New Economy Enron seems so 2002. Like Emerson, America is an endless seeker, with no past at its back, unsettling all things. But nothing can shake the faith of George Gilder (who would no doubt concur with Ken Lay's characterization of Jesus as a free-marketeer: "I believe in God and I beUeve in free markets"). As late as December 2002, Gilder wrote in Forbes that he trusts Lay and SkiUing (and Winnick and Ebbers and the whole crew) more than any pohtician, judge, or jour-nahst. It's not exactly stifi" competition, but still, it's one more reason why Gilder seems Hke an errant crew member from the Fidele.
Wall Street Meat by Andy Kessler
accounting loophole / creative accounting, Andy Kessler, automated trading system, banking crisis, George Gilder, index fund, Jeff Bezos, market bubble, Menlo Park, pets.com, rolodex, Sand Hill Road, Silicon Valley, Small Order Execution System, Steve Jobs, technology bubble, Y2K
No lockup. · · · Others came in to ﬁll the vacuum. Independent research has always been around, but in 1999, it blossomed in many places. One independent voice belonged to George Gilder, author, futurist and now newsletter writer working out of the Berkshires in Massachusetts. George used to write about economics and politics, but got bitten by technology and wrote his best-selling book, Microcosm, about the semiconductor industry. I read it with interest. Hey, it was my industry—I had to know everything about it. One day, back in my time at Morgan Stanley, economist Steve Roach had called me and said he had this guy, George Gilder, on the phone. He had some questions about Motorola and CDMA, a new type of cell phone protocol. Sure I’ll talk to him. I told George. “As you know, I think that CDMA is a few 204 Synthetic Goldman Sachs years out and Motorola is not done milking the analog cell phone business.
Plus, CDMA comes out of this little company in San Diego named Qualcomm and I doubt Motorola would use it, since they didn’t invent it.” OK, I didn’t say, “As you know.” “Too bad, CDMA is going to be big. I just ﬁgured it might be next year,” George replied. George Gilder was right, but ﬁve years too early. This would be a recurring theme. We exchanged phone numbers and emails and kept in touch over the years. He even invested in our Velocity fund. In 1999, I was reading the morning Wall Street Journal, in need of my ﬁx of the pulse. The “Heard on the Street” column was about how George Gilder had “recommended” a number of stocks the day before. Each one of them had jumped 10–25%. He was an ax. While intoxicating, this was not good. You don’t want to be an ax if you don’t even know what an ax is. George was treading into unknown territory.
23andMe, Andy Kessler, bank run, barriers to entry, Berlin Wall, British Empire, business process, California gold rush, carbon footprint, Cass Sunstein, cloud computing, collateralized debt obligation, collective bargaining, computer age, disintermediation, Eugene Fama: efficient market hypothesis, fiat currency, Firefox, Fractional reserve banking, George Gilder, Gordon Gekko, greed is good, income inequality, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, Joseph Schumpeter, knowledge economy, knowledge worker, libertarian paternalism, low skilled workers, Mark Zuckerberg, McMansion, Netflix Prize, packet switching, personalized medicine, pets.com, prediction markets, pre–internet, profit motive, race to the bottom, Richard Thaler, risk tolerance, risk-adjusted returns, Silicon Valley, six sigma, Skype, social graph, Steve Jobs, The Wealth of Nations by Adam Smith, transcontinental railway, transfer pricing, Yogi Berra
Google isn’t built on cheap servers and cheap bandwidth; it’s built on ever-cheaper servers and ever-cheaper bandwidth—on a continuum. It makes a difference. The trick is to find something that Scales over a long period of time to build your productivity on. The history of wealth creation shows this as well. Find the cost decline, find the Scale, and you will find the wealth. RULE #2 Waste What’s Abundant to Make Up for What’s Scarce ON ONE OF HIS FREQUENT TRIPS TO SILICON VALLEY, I invited my friend George Gilder to dinner. George is always getting labeled as an author and a futurist, which is somewhat redundant as he often writes books about what the future is going to look like. His 1981 book Wealth and Poverty pretty much laid out the next twenty-five years as they happened, but then he fell in love with technology, writing Microcosm and Telecosm, which is how we crossed paths. I often wondered why he dumped gross national products for gigabytes, until I realized that his new love drove his former.
Google searches made looking stuff up extremely efficient, since you don’t have to drive to the library, but that’s secondary to the business of connecting advertisers and users, which is “the right thing to do” in addition to being a case of “doing things right.” INSTEAD OF SCALE, the word that most often gets thrown around is sustainability. Sustainable growth. Sustainable development, sustainable cities, sustainable architecture. But it’s unclear what this even means—kind of an antiwaste thing. Thinking about sustainability, I decided it was time to get back in touch with George Gilder, so I fired off an e-mail: gg, where are you? any time to chat? ajk Andy, Nice to hear from you. I miss the scarce Bordeaux. I’m in China, talking about the pending exaflood. Can we chat by email? George gg, nice. email it is. ok, here it goes. you can’t swing a cat these days without hitting the world “sustainable.” we can’t overuse our planet’s scarce resources, blah, blah.
An economy grows and the participants improve their standard of living, no longer washing clothes all day. This means profits for you and wealth is created. No profits, no wealth, no cancer drugs, no microbreweries, no progress. Really. Consumers are willing to pay over cost for a product or service because it has value and is cheaper than if made or done by oneself. But aren’t profits greedy? I circled back to my unsustainable, abundant, Bordeaux-sipping buddy George Gilder and asked him why profits aren’t greedy. I got back an earful. “I think about profits in moral terms. They represent the index of altruism of an investment. Profits are too often seen as a reflection of greed—that’s complete nonsense. Profits are just the difference between the value of a good or maybe service from the people who produced it, and the value to their customers. So it reflects the degree a business understands the real needs of their customers.
Ada Lovelace, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, Any sufficiently advanced technology is indistinguishable from magic, Buckminster Fuller, call centre, cellular automata, combinatorial explosion, complexity theory, computer age, computer vision, cosmological constant, cosmological principle, Danny Hillis, double helix, Douglas Hofstadter, first square of the chessboard / second half of the chessboard, fudge factor, George Gilder, Gödel, Escher, Bach, I think there is a world market for maybe five computers, information retrieval, invention of movable type, Isaac Newton, iterative process, Jacquard loom, Jacquard loom, John von Neumann, Lao Tzu, Law of Accelerating Returns, mandelbrot fractal, Marshall McLuhan, Menlo Park, natural language processing, Norbert Wiener, optical character recognition, pattern recognition, phenotype, Ralph Waldo Emerson, Ray Kurzweil, Richard Feynman, Richard Feynman, Schrödinger's Cat, Search for Extraterrestrial Intelligence, self-driving car, Silicon Valley, speech recognition, Steven Pinker, Stewart Brand, stochastic process, technological singularity, Ted Kaczynski, telepresence, the medium is the message, traveling salesman, Turing machine, Turing test, Whole Earth Review, Y2K
In particular, I would like to thank:• My wife, Sonya, for her loving patience through the twists and turns of the creative process • My mother for long engaging walks with me when I was a child in the woods of Queens (yes, there were forests in Queens, New York, when I was growing up) and for her enthusiastic interest in and early support for my not-always-fully-baked ideas • My Viking editors, Barbara Grossman and Dawn Drzal, for their insightful guidance and editorial expertise and the dedicated team at Viking Penguin, including Susan Petersen, publisher; Ivan Held and Paul Slovak, marketing executives; John Jusino, copy editor; Betty Lew, designer; Jariya Wanapun, editorial assistant, and Laura Ogar, indexer • Jerry Bauer for his patient photography • David High for actually devising a spiritual machine for the cover • My literary agent, Loretta Barrett, for helping to shape this project • My wonderfully capable researchers, Wendy Dennis and Nancy Mulford, for their dedicated and resourceful efforts, and Tom Garfield for his valuable assistance • Rose Russo and Robert Brun for turning illustration ideas into beautiful visual presentations • Aaron Kleiner for his encouragement and support • George Gilder for his stimulating thoughts and insights • Harry George, Don Gonson, Larry Janowitch, Hannah Kurzweil, Rob Pressman, and Mickey Singer for engaging and helpful discussions on these topics • My readers: Peter Arnold, Melanie Baker-Futorian, Loretta Barrett, Stephen Baum, Bryan Bergeron, Mike Brown, Cheryl Cordima, Avi Coren, Wendy Dennis, Mark Dionne, Dawn Drzal, Nicholas Fabijanic, Gil Fischman, Ozzie Frankell, Vicky Frankell, Bob Frankston, Francis Ganong, Tom Garfield, Harry George, Audra Gerhardt, George Gilder, Don Gonson, Martin Greenberger, Barbara Grossman, Larry Janowitch, Aaron Kleiner, Jerry Kleiner, Allen Kurzweil, Amy Kurzweil, Arielle Kurzweil, Edith Kurzweil, Ethan Kurzweil, Hannah Kurzweil, Lenny Kurzweil, Missy Kurzweil, Nancy Kurzweil, Peter Kurzweil, Rachel Kurzweil, Sonya Kurzweil, Jo Lernout, Jon Lieff, Elliot Lobel, Cyrus Mehta, Nancy Mulford, Nicholas Mullendore, Rob Pressman, Vlad Sejnoha, Mickey Singer, Mike Sokol, Kim Storey, and Barbara Tyrell for their compliments and criticisms (the latter being the most helpful) and many invaluable suggestions • Finally, all the scientists, engineers, entrepreneurs, and artists who are busy creating the age of spiritual machines.
He links the relentless growth of our future technology to a universe in which Artificial Intelligence and Nanotechnology combine to bring unimaginable wealth and longevity, not merely to our descendants, but to some of those living today.” —Marvin Minsky, Professor of Media Arts and Sciences, MIT “The Age of Spiritual Machines makes all other roads to the computer future look like goat paths in Patagonia.” —George Gilder, author of Wealth and Poverty and Life After Television “A compelling vision of the future from one of our nation’s leading innovators. Kurzweil brings serious science and a twinkling sense of humor to the question of where we are headed ... With his pioneering inventions, and his penetrating ideas, Kurzweil convincingly takes us through what promises to be the most pivotal of centuries.”
—An Wang Economics, sociology, geopolitics, art, religion all provide powerful tools that have sufficed for centuries to explain the essential surfaces of life. To many observers, there seems nothing truly new under the sun─no need for a deep understanding of man’s new tools─no requirement to descend into the microcosm of modern electronics in order to comprehend the world. The world is all too much with us. —George Gilder If all the computers in 1960 stopped functioning, few people would have noticed. A few thousand scientists would have seen a delay in getting printouts from their last submission of data on punch cards. Some business reports would have been held up. Nothing to worry about. Circa 1999 is another matter. If all computers stopped functioning, society would grind to a halt. First of all, electric power distribution would fail.
Joel on Software by Joel Spolsky
barriers to entry, c2.com, George Gilder, index card, Jeff Bezos, knowledge worker, Metcalfe's law, Network effects, new economy, PageRank, Paul Graham, profit motive, Robert X Cringely, shareholder value, Silicon Valley, Silicon Valley startup, six sigma, slashdot, Steve Ballmer, Steve Jobs, the scientific method, thinkpad, VA Linux, web application
Here's a quote from a Sun Jini white paper:3 These three facts (you are the new sys admin, computers are nowhere, the one computer is everywhere) should combine to improve the world of using computers as computers—by making the boundaries of computers disappear, by making the computer be everywhere, and by making the details of working with the computer as simple as putting a DVD into your home theater system. And don't even remind me of the fertilizer George Gilder spread about Java:4 A fundamental break in the history of technology... That's one sure tip-off to the fact that you're being assaulted by an Architecture Astronaut: the incredible amount of bombast; the heroic, utopian grandiloquence; the boastfulness; the complete lack of reality. And people buy it! The business press goes wild! Why the hell are people so impressed by boring architectures that often amount to nothing more than a new format on the wire for RPC, or a new virtual machine?
No, Microsoft, computers are not suddenly going to start reading our minds and doing what we want automatically just because everyone in the world has to have a Passport account. No, Sun, we're not going to be able to analyze our corporate sales data "as simply as putting a DVD into your home theater system." __________ 3. "Why Jini Technology Now?" Sun.com, 1999. See www.sun.com/jini/whitepapers/whyjininow.html. 4. "The Coming Software Shift," George Gilder, Forbes ASAP, August 28, 1995. Remember that the architecture people are solving problems that they think they can solve, not problems that are useful to solve. SOAP + WSDL may be the Hot New Thing, but it doesn't really let you do anything you couldn't do before using other technologies—if you had a reason to. All that Distributed Services Nirvana the Architecture Astronauts are blathering about was promised to us in the past, if we used DCOM, or JavaBeans, or OSF DCE, or CORBA.
At the PDC, they showed a demo where somebody used a .NET-powered cell phone and about 10 lines of mobile .NET code to take a picture, take coordinates with the GPS and convert them to a street address, take a sound recording with some notes, and upload the whole thing to a database (the proverbial "insurance adjuster's app"). All stuff you can't do with J2ME even though the phone clearly has the capability to do it. Now—the reason I mentioned the age-old sandbox problem goes back to Applets. When Applets first appeared there was a lot of George Gilder talk about how the next word processor would be a big ol' Java Applet. The trouble is that a Java Applet couldn't read or write files on the hard drive. It was in the sandbox. If it wanted persistence, it had to upload the files to some hard drive in the sky. Someone thought it was OK to allow data to persist inside the sandbox, as long as you can't get to data outside the sandbox. The trouble is...your data is on the outside.
A Declaration of the Independence of Cyberspace, Andrew Keen, barriers to entry, Berlin Wall, big-box store, Brewster Kahle, citizen journalism, cloud computing, collateralized debt obligation, Community Supported Agriculture, conceptual framework, corporate social responsibility, cross-subsidies, crowdsourcing, David Brooks, digital Maoism, disintermediation, don't be evil, Donald Trump, Edward Snowden, Fall of the Berlin Wall, Filter Bubble, future of journalism, George Gilder, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, Internet Archive, Internet of things, invisible hand, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, Julian Assange, Kevin Kelly, Kickstarter, knowledge worker, Mark Zuckerberg, means of production, Naomi Klein, Narrative Science, Network effects, new economy, New Journalism, New Urbanism, Nicholas Carr, oil rush, Peter Thiel, Plutocrats, plutocrats, pre–internet, profit motive, recommendation engine, Richard Florida, Richard Stallman, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, slashdot, Slavoj Žižek, Snapchat, social graph, Steve Jobs, Stewart Brand, technoutopianism, trade route, Whole Earth Catalog, WikiLeaks, winner-take-all economy, Works Progress Administration, young professional
,” NYTimes.com, November 30, 2012, http://www.nytimes.com/2012/ll/30/opinion/global/maria-popova-evgeny-morozov-susan-greenfield-are-we-becoming-cyborgs.html?pagewanted=all. 43. Joe Coscarelli, “Gabriel Snyder to The Atlantic Wire: On Growing Up an Aggregator,” VillageVoice.com, January 31, 2011, http://blogs.villagevoice.com/runninscared/2011/01/gabriel_snyder.php. 4: UNEQUAL UPTAKE 1. Kevin Kelly says the “atom is the past” and George Gilder talks of overthrowing material tyranny. Kevin Kelly, Out of Control: The New Biology of Machines, Social Systems and the Economic World (New York: Basic Books, 1994), 25. George Gilder, “Happy Birthday Wired,” Wired, June 2001. 2. Susan P. Crawford, “The New Digital Divide,” New York Times, December 4, 2011, SR1. 3. Those are examples taken from real life. For more, read these two profiles of leading figures in this field: Lisa Belkin, “Queen of the Mommy Bloggers,” New York Times Magazine, February 23, 2011; and Amanda Fortini, “O Pioneer Woman!
Can you imagine books like Silent Spring or The Satanic Verses coming courtesy of Aerosoles or AutoZone? One optimistic startup, hoping to capitalize on the shift to electronic reading, aims to help authors cultivate identities as “tastemakers,” partnering them with brands in order to sell things like grills and barbecue sauce to readers. This kind of corporate saturation has long been the dream of free market acolytes, including tech commenter George Gilder, whose 1994 book Life After Television featured full-color ads from FedEx every few pages. At the time Gilder’s book seemed like a crass gimmick by a highly ideological eccentric; today it looks prophetic. The challenge of supporting uncompromising work is growing greater, for the unbundling of digital media means the era of cross-subsidies, whereby profits from popular wares are used to support more daring endeavors, is coming to an end.
The Flat White Economy by Douglas McWilliams
access to a mobile phone, banking crisis, Big bang: deregulation of the City of London, bonus culture, cleantech, cloud computing, computer age, correlation coefficient, Edward Glaeser, en.wikipedia.org, Erik Brynjolfsson, eurozone crisis, George Gilder, hiring and firing, income inequality, informal economy, knowledge economy, low skilled workers, Network effects, new economy, offshore financial centre, Peter Thiel, Productivity paradox, Silicon Valley, smart cities, special economic zone, Steve Jobs, working-age population
Network effects were first developed as a concept by the President of Bell Telephones in making his case for a monopoly in 1908, but the ideas were developed and refined in the 1980s and 1990s. Robert Metcalfe, one of the co-inventors of the Ethernet, was the progenitor of Metcalfe’s Law – that the value of a communications network varied with the square of the number of connections in the network. This idea was vigorously promoted by the economic guru George Gilder2 during the 1990s. Where there are network effects, investment typically doesn’t take place until there is a critical mass of potential users. Network effects tend to cause investment to be held back in a similar fashion to supereconomies of scale, although in the case of the latter, the tendency to delay investment is moderated by the possibility of gaining first-mover advantage. It is the combination of supereconomies of scale and network effects that meant that the economic exploitation of the digital technologies took place on a different, tardier timetable than that which had been predicted by those who only understood the technological issues.3 Online retail and marketing Internet usage in most Western economies really took off during the first decade of the 21st century.
If you add taxes and subtract subsidies from the GVA data you get the GDP for the region. 6 www.ons.gov.uk/ons/rel/bus-register/business-register-employment-survey/2013-provisional/info-jobs-growth-by-region-and-industry.html CHAPTER TWO 1. ‘The Economics of Information’, George J Stigler, Chicago University Journal of Political Economy, June 1961, pp213–225. 2. Originally published as ‘Metcalfe’s Law and Legacy’, Forbes ASAP, September 1993, and developed in Telecosm, George Gilder, Simon & Schuster, 1996. 3. I first presented these arguments with some accompanying detail to the IBM Computer Users Association in May 1989 – they have changed remarkably little in the past 25 years! 4. ‘The Economic Impact of Cloud Computing: a Cebr report for EMC2’, Cebr, December 2010. 5. ‘The Value of Data Equity: A Cebr report for SAS’, Cebr, April 2012. 6. ‘Britons are the biggest online shoppers in the developed world’, James Hall, Daily Telegraph, 1 Feb 2012. 7. www.internetretailing.net/2014/03/uk-retailers-expected-to-make-online-sales-of-45bn-this-year-study/ 8.
To Serve God and Wal-Mart: The Making of Christian Free Enterprise by Bethany Moreton
affirmative action, anti-communist, Berlin Wall, big-box store, Bretton Woods, Buckminster Fuller, collective bargaining, corporate personhood, deindustrialization, desegregation, Donald Trump, estate planning, Fall of the Berlin Wall, Frederick Winslow Taylor, George Gilder, global village, informal economy, invisible hand, market fundamentalism, Mont Pelerin Society, mortgage tax deduction, Naomi Klein, new economy, New Urbanism, post-industrial society, postindustrial economy, prediction markets, price anchoring, Ralph Nader, RFID, road to serfdom, Ronald Reagan, Silicon Valley, Stewart Brand, strikebreaker, The Wealth of Nations by Adam Smith, union organizing, walkable city, Washington Consensus, white flight, Whole Earth Catalog, Works Progress Administration
Once serÂ�vice companies like Wal-Â�Mart discovered that female labor produced higher Â�profit mar122 SERVANTS UNTO SERVA N T S gins,Â€the mythical prestige of the male breadwinner began to erode. The hidden work of Â�women in the part-Â�time and unpaid economies that had supported the industrial “family wage” could not be ignored as real wages stagnated after 1973 and a steadily increasing proportion of families relied on two full-Â�time wage earners.102 For conservative theorists of male supremacy, this changed economic landscape presented substantial challenges. George Gilder, the bestselling economist who promoted Reaganomics’ supply-Â�side theories in regular opinion pieces for the Wall Street Journal, wrote that Â�women needed to be excluded from the economic arena not because they were unfit for the work but because “males always require a special arena of glorified achievement from which Â�women are excluded” in order to protect their manhood.103 Like more nuanced Christian authors that followed him, Gilder grounded his argument for male prerogative on a startlingly negative assessment of men.
This prosperity gospel was an international movement, linking Christians from Colorado Springs to Kinshasa to Seoul.8 Many evangelicals, meanwhile, saw entrepreneurs as public benefactors who brought the blessing of goods and serÂ�vices to an ever-Â�wider public. “The man who makes the highest Â�profit,” explained the Texas-Â�based Institute for Christian Economics in 1981, “is the man who is best serving the public.”9 EvangelicalÂ€ opinion-Â�makers enthusiastically Â�adopted the economic visions of George Gilder and Michael Novak, putÂ�ting a Christian spin on globÂ�alÂ�iÂ� zaÂ�tion.10 Georgia congressman Newt Gingrich, a family values standardÂ�bearer, championed a high-Â�tech, high-Â�growth, expansionist entrepreneurship that condemned trade barriers alongside other big-Â�government intrusions. In this context, transnational corporations opened up new opportunities for evangelizing around the world.
“Table Ba579-582: Labor force parÂ�ticÂ�iÂ�paÂ�tion rate for married Â�women, by age and presence of children: 1948–1999,” Historical Statistics of the United States, Millennial Edition On Line, ed. Susan B. Carter, Scott Sigmund Gartner, Michael R. Haines, Alan L. Olmstead, Richard Sutch, and Gavin Wright (Cambridge: Cambridge University Press, 2006). Haynes Bonner Johnson, Sleepwalking Through History: America in the Reagan Years (New York: Anchor Books, 1992), 113–15; George Gilder, Men and Marriage 311 NOTES TO PAGES 123 – 1 2 7 (Gretna, LA: Pelican, 1993; orig. pub. Sexual Suicide, 1973), 39, quoted in Kintz, Between Jesus and the Market, 169. 104. Kintz, Between Jesus and the Market, 157. 8. Making Christian Businessmen 1. Mark Blyth, Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century (Cambridge: Cambridge University Press, 2002), 167–69; Barry Bluestone and Bennett Harrison, The Deindustrialization of America: Plant Closings, Community Abandonment, and the Dismantling of Basic Industry (New York: Basic Books, 1982), 95; Bluestone and Harrison, The Great U-Turn: Corporate Restructuring and the Polarizing of America (New York: Basic Books, 1988), 3–5; Mike Davis, Prisoners of the American Dream: Politics and Economy in the History of the U.S.
Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia by Anthony M. Townsend
1960s counterculture, 4chan, A Pattern Language, Airbnb, Amazon Web Services, anti-communist, Apple II, Bay Area Rapid Transit, Burning Man, business process, call centre, carbon footprint, charter city, chief data officer, clean water, cleantech, cloud computing, computer age, congestion charging, connected car, crack epidemic, crowdsourcing, DARPA: Urban Challenge, data acquisition, Deng Xiaoping, East Village, Edward Glaeser, game design, garden city movement, Geoffrey West, Santa Fe Institute, George Gilder, ghettoisation, global supply chain, Grace Hopper, Haight Ashbury, Hedy Lamarr / George Antheil, hive mind, Howard Rheingold, interchangeable parts, Internet Archive, Internet of things, Jacquard loom, Jacquard loom, Jane Jacobs, jitney, John Snow's cholera map, Khan Academy, Kibera, knowledge worker, load shedding, M-Pesa, Mark Zuckerberg, megacity, mobile money, mutually assured destruction, new economy, New Urbanism, Norbert Wiener, Occupy movement, openstreetmap, packet switching, patent troll, place-making, planetary scale, popular electronics, RFC: Request For Comment, RFID, ride hailing / ride sharing, Robert Gordon, self-driving car, sharing economy, Silicon Valley, Skype, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart grid, smart meter, social graph, social software, social web, special economic zone, Steve Jobs, Steve Wozniak, Stuxnet, supply-chain management, technoutopianism, Ted Kaczynski, telepresence, The Death and Life of Great American Cities, too big to fail, trade route, Tyler Cowen: Great Stagnation, Upton Sinclair, uranium enrichment, urban decay, urban planning, urban renewal, Vannevar Bush, working poor, working-age population, X Prize, Y2K, zero day, Zipcar
.), The Cybercities Reader (London: Routledge, 2003). 23Herbert Casson, The History of the Telephone (Chicago: A. C. McClurg, 1910), 222. 24“The Knowledge Explosion,” BBC Horizon series, originally broadcast September 21, 1964, archived at http://www.youtube.com/watch?v=KT_8-pjuctM. 25“City vs. Country: Tom Peters & George Gilder debate the impact of technology on location,” Forbes ASAP, February 27, 1995, http://business.highbeam.com/392705/article-1G1-16514107/city-vs-country-tom-peters-george-gilder-debate-impact. 26David McCandless, “Financial Times Graphic World,” display at Grand Central Station, New York, March 27–29, 2012. 27Robert Caro, The Power Broker: Robert Moses and the Fall of New York (New York: Vintage, 1975), 849. 28Caro, The Power Broker, 508. 29“Global Investment in Smart City Technology Infrastructure to Total $108 Billion by 2020,” Pike Research, last modified May 23, 2011, http://www.pikeresearch.com/newsroom/global-investment-in-smart-city-technology-infrastructure-to-total-108-billion-by-2020. 30Daniel Fisher, “Urban Outfitter,” Forbes, May 9, 2011, 92. 31Sascha Haselmeyer, lecture, INTA33 World Urban Development Congress, Kaoshiung, Taiwan, October 5, 2009. 32“The Explosive Growth of Bus Rapid Transit,” The Dirt, blog, American Society of Landscape Architects, last modified January 27, 2011, http://dirt.asla.org/2011/01/27/the-explosive-growth-of-bus-rapid-transit/. 33Peter Jamison, “BART Jams Cell Phone Service to Shut Down Protests,” SF Weekly: The Snitch, blog, August 12, 201, http://blogs.sfweekly.com/thesnitch/2011/08/bart_cell_phones.php; BlackBerry: Josh Halliday, “David Cameron considers banning suspected rioters from social media,” The Guardian, August 11, 2011, http://www.guardian.co.uk/media/2011/aug/11/david-cameron-rioters-social-media; social media: Chris Hogg, “In wake of London riots, UK considers social media bans,” Future of Media, blog, http://www.futureofmediaevents.com/2011/08/11/in-wake-of-london-riots-uk-considers-social-media-bans/#ixzz24xS7KHKP. 34Solomon Benjamin et al., “Bhoomi: ‘E-Governance,’ Or, An Anti-Politics Machine Necessary to Globalize Bangalore?”
Many have argued the opposite—that new technologies undermine the need for cities and all of the productive yet expensive and sometimes unpleasant proximity they provide. In 1964 science-fiction legend Arthur C. Clarke articulated a vision of the future where, thanks to satellite communications, “It will be possible . . . perhaps only fifty years from now, for a man to conduct his business from Tahiti or Bali, just as well as he could from London.”24 More recently, as the Internet began its meteoric rise in the mid-1990s, tech pundit George Gilder wrote off cities as “leftover baggage from the industrial era.”25 But instead of disintegrating, London grew bigger, richer, more vital and connected than ever. Instead of undermining the city, new telecommunications technologies played a crucial role in London’s success—it is the hub of a global tangle of fiber-optic networks that plug its financiers and media tycoons directly into the lives of billions of people all over the world.
When Work Disappears: The World of the New Urban Poor by William Julius Wilson
affirmative action, citizen journalism, collective bargaining, conceptual framework, declining real wages, deindustrialization, deliberate practice, desegregation, Donald Trump, edge city, ending welfare as we know it, full employment, George Gilder, ghettoisation, glass ceiling, income inequality, informal economy, labor-force participation, labour market flexibility, low skilled workers, low-wage service sector, manufacturing employment, new economy, New Urbanism, pink-collar, race to the bottom, RAND corporation, school choice, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, upwardly mobile, urban decay, urban renewal, War on Poverty, working poor, working-age population, Works Progress Administration
The GAO reached these conclusions after reviewing the results of more than one hundred empirical studies on the effects of welfare completed since 1975, analyzing the case files of more than 1,200 families receiving public assistance in four states, and interviewing officials from federal, state, and local government agencies. Although these conclusions should come as no surprise to poverty researchers familiar with the empirical literature, they should have generated a stir among members of Congress, many of whom have no doubt been influenced by the highly publicized works of conservative scholars such as George Gilder, Charles Murray, and Lawrence Mead which ascribe, without direct empirical evidence, persistent poverty and other social dislocations to the negative effects of welfare. But systematic scientific argument is no match for the dominant belief system: the views of members of Congress have apparently not been significantly altered by the GAO report. The growth of social dislocations among the inner-city poor and the continued high rates of joblessness and poverty have led policymakers to conclude that something must be done about the welfare system, which they perceive to be causing the breakdown of the norms of citizenship among recipients.
In a political atmosphere created during the first term of the Reagan administration, when the dominant ideology of poverty and welfare was strongly reinforced, conservative analysts rushed to explain the apparent paradox of a sharp rise in inner-city social dislocations after years of sweeping antipoverty and antidiscrimination legislation, beginning with the Great Society programs and the civil rights legislation of the Johnson administration. Building implicitly on the basic premises of the culture-of-poverty thesis, these analysts, thrust to the fore of the policy debate by the political ascendancy of Reaganism, argued that the growth of liberal social policies since the mid-1960s had exacerbated, rather than alleviated, ghetto-related cultural tendencies. Widely read neo-conservative books such as George Gilder’s Wealth and Poverty (1981), Charles Murray’s Losing Ground (1984), and Lawrence Mead’s Beyond Entitlement (1986) presented a range of arguments dealing with the presumed adverse effects of liberal social policies on urban underclass values and behavior. Thus, the Great Society and other liberal programs were portrayed as self-defeating because they ignored the behavioral problems of the underclass, made the very poor less self-reliant, increased their joblessness, and promoted both their births outside marriage and the tendency among families to be headed by women rather than employed, productive husbands and fathers.
Also see Bobo and Smith (1994). 44 from 1983 to 1991 the General Social Survey: Bobo and Smith (1994). 45 Throughout the 1960s and 1970s, the expanding network of poverty researchers: See Kerbo (1981) and Tompkins (1970). 46 quotations from Walter Korpi: Korpi (1980), p. 305. 47 Another irony is that despite this narrow focus, these very same American researchers: See Wilson (1987). 48 “the paradox of continuing high poverty during a period of general prosperity”: Melville and Doble (1988), p. 1. 49 the General Accounting Office: General Accounting Office (1987). 50 conservative scholars such as George Gilder, Charles Murray, and Lawrence Mead: Gilder (1981), Murray (1984), and Mead (1986). 51 “it is the moral fabric of individuals, not the social and economic structure of society”: Wacquant and Wilson, p. 99. 52 AFDC is a joint federal and state program that provides cash benefits to eligible poor families with children: See the report by the Center on Social Welfare Policy and Law (1994). 53 An average of 9.5 million children in 5 million families: Center on Social Welfare Policy and Law (1994). 54 “Between July 1972 and 1992, the combined value of AFDC and food stamps”: Center on Social Welfare Policy and Law (1994), p. 10. 55 “At no other time in the past twenty-five years”: Center on Social Welfare Policy and Law (1994), p. 11. 56 “what the U.S.
A People's History of Poverty in America by Stephen Pimpare
affirmative action, British Empire, car-free, clean water, cognitive dissonance, Columbine, Daniel Kahneman / Amos Tversky, deindustrialization, delayed gratification, dumpster diving, East Village, Frederick Winslow Taylor, George Gilder, hiring and firing, Howard Zinn, illegal immigration, impulse control, income inequality, index card, Jane Jacobs, low skilled workers, Mahatma Gandhi, meta analysis, meta-analysis, Naomi Klein, New Urbanism, payday loans, Ralph Waldo Emerson, Ronald Reagan, The Bell Curve by Richard Herrnstein and Charles Murray, The Death and Life of Great American Cities, The Wealth of Nations by Adam Smith, Thomas Malthus, union organizing, urban renewal, War on Poverty, white flight, working poor, Works Progress Administration
Malthus had a profound influence on the English Poor Law of 1834 (which sought to end cash relief and provide aid only in the workhouse) and, by extension, on ours.63 Much of his line of argument was adopted by the morality-minded reformers of the Gilded Age, like Josephine Shaw Lowell:While the acknowledgment is made that every person born into a civilized community has a right to live, yet the community has the right to say that incompetent and dangerous persons shall not, so far as can be helped, be born to acquire this right to live upon others. To prevent a constant and alarming increase of these two classes of persons, the only way is for the community to refuse to support any except those whom it can control—that is, except those who will submit themselves to discipline and coercion.64 It became common again with late-twentieth-century welfare opponents such as George Gilder and Newt Gingrich, among others, taking eugenicist and racist form with Charles Murray and Richard Herrnstein’s The Bell Curve.65 Here’s how Robert Rector expressed the need to control poor women: True charity begins by requiring responsible behavior from the beneficiary as a condition of receiving aid. True charity seeks to generate in the recipient the virtues, commitment, and self-discipline necessary for success in society, rather than passively subsidizing ever-escalating levels of social pathology.66 These too are old ideas.
And income inequality is higher in the United States than in any other advanced nation—and has been increasing for the past forty years, after a brief period in the midtwentieth century when it was in decline.43 While official poverty has declined modestly over the past forty years (from 17.3 percent in 1965 to 12.6 percent in 2005), inequality is much worse, at levels not seen since the Gilded Age or the eve of the Great Depression. But perhaps, as economist Charles Peguy said, inequality in and of itself is not necessarily of great concern: “When all men are provided with the necessities . . . what do we care about the distribution of luxury?”44 George Gilder even argued in 1981 that inequality was the means toward equality:To lift the incomes of the poor, it will be necessary to increase the rates of investment, which in turn will tend to enlarge the wealth, if not the consumption, of the rich. The poor, as they move into the workforce and acquire promotions, will raise their income by a greater percentage than the rich, but the upper classes will gain by greater absolute amounts, and the gap between the rich and the poor may grow.45 He predicted accurately, in part.
Department of Commerce, 1997, 8). 31 Luxembourg Income Study (LIS), “LIS Key Figures: Relative Poverty Rates for the Total Population, Children and the Elderly,” www.lisproject.org. 32 Howard Glennerster, “United States Poverty Studies and Poverty Measurement: The Past Twenty-Five Years,” Social Service Review (March 2002): 83–107; State of Working America 2002–03, epinet.org. 33 Katz, Undeserving Poor, 181. 34 John Kenneth Galbraith, The Affluent Society (Boston: Houghton Mifflin, 1958), 323. 35 Dwight Macdonald, “Our Invisible Poor,” New Yorker, January 19, 1963, 132. 36 In Hunter, Poverty, 1. 37 In Adam Smith, The Wealth of Nations (New York: Modern Library, 1776 ). 38 Ibid. 39 Charles Murray, “What to Do About Welfare,” Commentary, December 1994. 40 William Julius Wilson, When Work Disappears: The World of the New Urban Poor (New York: Vintage, 1996), 160. 41 U.S. Census Bureau, “Service Annual Survey 2004,” April 2006. 42 B.A. Botkin, ed., Sidewalks of America: Folklore, Legends, Sagas, Traditions, Customs, Songs, Stories and Sayings of City Folk (Indianapolis: Bobbs-Merrill, 1954), 56. 43 Smeeding, “Public Policy, Economic Inequality, and Poverty,” 955–83. 44 Quoted in Macdonald, “Our Invisible Poor,” 86. 45 George Gilder, Wealth and Poverty (San Francisco: ICS, 1981 ), 78. 46 Smeeding, “Public Policy, Economic Inequality, and Poverty,” 955–83. 47 Lawrence Mishel, Jared Bernstein, and John Schmitt, The State of Working America 1996–1997 (New York: Economic Policy Institute/M.E. Sharpe, 1997). 48 Lawrence Mishel, Jared Bernstein, and Sylvia Allegretto, The State of Working America 2006/2007 (Ithaca, NY: ILR/Cornell University Press, 2007). 49 “The Maxwell Poll: Civic Engagement and Inequality,” April 2005, poll.campbellinstitute.org. 50 Gabriel Lenz, “The Policy-Related Causes and Consequences of Income Inequality,” Russell Sage Foundation, January 2003; Benjamin I.
The Sovereign Individual: How to Survive and Thrive During the Collapse of the Welfare State by James Dale Davidson, Rees Mogg
affirmative action, agricultural Revolution, bank run, barriers to entry, Berlin Wall, borderless world, British Empire, California gold rush, clean water, colonial rule, Columbine, compound rate of return, Danny Hillis, debt deflation, ending welfare as we know it, epigenetics, Fall of the Berlin Wall, falling living standards, feminist movement, financial independence, Francis Fukuyama: the end of history, full employment, George Gilder, Hernando de Soto, illegal immigration, income inequality, informal economy, information retrieval, Isaac Newton, Kevin Kelly, market clearing, Martin Wolf, Menlo Park, money: store of value / unit of account / medium of exchange, new economy, New Urbanism, offshore financial centre, Parkinson's law, pattern recognition, phenotype, price mechanism, profit maximization, rent-seeking, reserve currency, road to serfdom, Ronald Coase, school vouchers, seigniorage, Silicon Valley, spice trade, statistical model, telepresence, The Nature of the Firm, the scientific method, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, trade route, transaction costs, Turing machine, union organizing, very high income
This point was suggested by an argument by Edwin G. West in his Adam Smith and Modern Economics (Alder-shot, England: Edward Elgar Publishing, 1990), pp.88-89. 15. Fritz Rorig, The Medieval Town (Berkeley: University of California Press, 1967), p.28. 16. Albert 0. Hirschman, Exit, Voice, and Loyalty (Cambridge: Harvard University Press, 1969), p.81. 17. Tom Peters and George Gilder, "City vs. Country: Tom Peters & George Gilder Debate the Impact of Technology on Location," Forbes, February 1995. 18. Weber, op. cit., p.21. 19. Ibid., p.46 for London, p.73 for Paris. 20. Ibid., p.120. 21. Ibid., p.95. 22. Ibid., p.84. 23. Ibid., p.119. 24. Ibid., p.101. 25. Ibid., p.5. 26. See Ronald Coase, "The Nature of the Firm," reprinted in Louis Putterman and Randall S. Kroszner, eds., The Economic Nature of the Firm: A Reader 2nd ed.
"It means that all of the monopolies and hierarchies and pyramids and power grids of industrial society are going to dissolve before this constant pressure of distributing intelligence to the fringes of all networks. Above all, Moore’s Law will overthrow the key concentration, the key physical conglomeration of power in America today: the big city-that big set of industrial cities that now lives on hie -support systems-some 360 billion of direct subsidies from all the rest of us every year Big cities are leftover baggage from the industrial era."'17 -GEORGE GILDER A peculiar irony of the re-emergence of micro-sovereignties or "city-states" is that it may coincide with the emptying out of many cities. The large city was largely an artifact of industrialism in the West. It arose with the factory system to capture scale economies in the manufacture of products with high natural resource content. When the nineteenth century opened, cities of more than 100,000 were considered huge, and outside of Asia, where population statistics were doubtful, there were no cities of more than a million persons.
The Democracy Project: A History, a Crisis, a Movement by David Graeber
Bretton Woods, British Empire, corporate personhood, David Graeber, deindustrialization, dumpster diving, East Village, feminist movement, financial innovation, George Gilder, Lao Tzu, late fees, Occupy movement, payday loans, planetary scale, Plutocrats, plutocrats, Ralph Nader, reserve currency, Ronald Reagan, seigniorage, too big to fail, trickle-down economics, unpaid internship, We are the 99%, working poor
“We’re an empire now, and when we act, we create our own reality.”17 Such remarks might seem sheer bravado, and the specific remark refers more to military force than economic power—but in fact, for people at the top, when speaking off record, just as words like “empire” are no longer taboo, it’s also simply assumed that U.S. economic and military power are basically identical. Indeed, as the reporter goes on to explain, there’s an elaborate theology behind this kind of language. Since the 1980s, those on the Christian right—who formed the core of George W. Bush’s inner circle—turned what was then called “supply-side economics” into a literally religious principle. The greatest avatar of this line of thought was probably conservative strategist George Gilder, who argued that the policy of the Federal Reserve creating money and transferring it directly to entrepreneurs to realize their creative visions was, in fact, merely a human-scale reenactment of God’s original creation of the world out of nothing, by the power of His own thought. This view came to be widely embraced by televange-lists like Pat Robertson, who referred to supply-side economics as “the first truly divine theory of money creation.”
Pam Martens, “Financial Giants Put New York City Cops on Their Payroll,” October 10, 2011, Counterpunch. Technically during those hours they are working as private security, but they do so in their uniforms, with guns and badges and full power of arrest. 16. Andrew Ross Sorkin, “On Wall Street, a Protest Matures,” New York Times, Dealbook, October 3, 2011. 17. Ron Suskind, “Faith, Certainty and the Presidency of George W. Bush,” New York Times Magazine, October 17, 2004. 18. George Gilder, Wealth and Poverty (New York: Basic Books, 1981), and Pat Robertson quote both cited in Melinda Cooper, “The Unborn Born Again: Neo-Imperialism, the Evangelical Right and the Culture of Life,” Postmodern Culture, 17 (1), Fall 2006; Robertson 1992:153. 19. Rebecca Solnit, “Why the Media Loves the Violence of Protestors and Not of Banks,” Tomdispatch.com, February 21, 2012. The KTVU story can be found at: http://www.ktvu.com/news/news/emails-exchanged-between-oakland-opd-reveal-tensio/nGMkF/.
Running Money by Andy Kessler
Andy Kessler, Apple II, bioinformatics, British Empire, business intelligence, buy low sell high, call centre, Corn Laws, family office, full employment, George Gilder, happiness index / gross national happiness, interest rate swap, invisible hand, James Hargreaves, James Watt: steam engine, joint-stock company, joint-stock limited liability company, knowledge worker, Long Term Capital Management, mail merge, margin call, market bubble, Maui Hawaii, Menlo Park, Network effects, packet switching, pattern recognition, pets.com, railway mania, risk tolerance, Sand Hill Road, Silicon Valley, South China Sea, spinning jenny, Steve Jobs, Steve Wozniak, Toyota Production System
Microprocessors make applications cheaper; communications deliver those applications more cheaply. “Do you know the ﬁrst packet sent?” I looked over and noticed for the ﬁrst time the man sitting next to me at the table. I started chuckling because he kind of looked like a cross between Soupy Sales and Eddie Munster. It was lunchtime at George Gilder’s Telecosm conference, and we were waiting for the featured speaker, Gary Winnick of Global Crossing, to explain how he sends billions of packets per second under the Atlantic Ocean. George Gilder has hosted his Telecosm conference for years. Tech luminaries like Carver Mead, Bob Metcalfe and Paul Allen were regulars. “I don’t know what the ﬁrst packet was,” I confessed. My tablemate turned out to be Leonard Kleinrock, a UCLA professor, according to his name tag. It turned out that he had been at the creation.
The Singularity Is Near: When Humans Transcend Biology by Ray Kurzweil
additive manufacturing, AI winter, Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, anthropic principle, Any sufficiently advanced technology is indistinguishable from magic, artificial general intelligence, augmented reality, autonomous vehicles, Benoit Mandelbrot, Bill Joy: nanobots, bioinformatics, brain emulation, Brewster Kahle, Brownian motion, business intelligence, c2.com, call centre, carbon-based life, cellular automata, Claude Shannon: information theory, complexity theory, conceptual framework, Conway's Game of Life, cosmological constant, cosmological principle, cuban missile crisis, data acquisition, Dava Sobel, David Brooks, Dean Kamen, disintermediation, double helix, Douglas Hofstadter, en.wikipedia.org, epigenetics, factory automation, friendly AI, George Gilder, Gödel, Escher, Bach, informal economy, information retrieval, invention of the telephone, invention of the telescope, invention of writing, Isaac Newton, iterative process, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, John von Neumann, Kevin Kelly, Law of Accelerating Returns, life extension, linked data, Loebner Prize, Louis Pasteur, mandelbrot fractal, Mikhail Gorbachev, mouse model, Murray Gell-Mann, mutually assured destruction, natural language processing, Network effects, new economy, Norbert Wiener, oil shale / tar sands, optical character recognition, pattern recognition, phenotype, premature optimization, randomized controlled trial, Ray Kurzweil, remote working, reversible computing, Richard Feynman, Richard Feynman, Rodney Brooks, Search for Extraterrestrial Intelligence, semantic web, Silicon Valley, Singularitarianism, speech recognition, statistical model, stem cell, Stephen Hawking, Stewart Brand, strong AI, superintelligent machines, technological singularity, Ted Kaczynski, telepresence, The Coming Technological Singularity, transaction costs, Turing machine, Turing test, Vernor Vinge, Y2K, Yogi Berra
Needless to say, it's not a process that one can ever complete. I started pondering the relationship of our thinking to our computational technology as a teenager in the 1960s. In the 1970s I began to study the acceleration of technology, and I wrote my first book on the subject in the late 1980s. So I've had time to contemplate the impact on society—and on myself—of the overlapping transformations now under way. George Gilder has described my scientific and philosophical views as "a substitute vision for those who have lost faith in the traditional object of religious belief."1 Gilder's statement is understandable, as there are at least apparent similarities between anticipation of the Singularity and anticipation of the transformations articulated by traditional religions. But I did not come to my perspective as a result of searching for an alternative to customary faith.
Although I had long admired Joy for his work in pioneering the leading software language for interactive Web systems (Java) and having cofounded Sun Microsystems, my focus at this brief get-together was not on Joy but rather on the third person sitting in our small booth, John Searle. Searle, the eminent philosopher from the University of California at Berkeley, had built a career of defending the deep mysteries of human consciousness from apparent attack by materialists such as Ray Kurzweil (a characterization I reject in the next chapter). Searle and I had just finished debating the issue of whether a machine could be conscious during the closing session of George Gilder's Telecosm conference. The session was entitled "Spiritual Machines" and was devoted to a discussion of the philosophical implications of my upcoming book. I had given Joy a preliminary manuscript and tried to bring him up to speed on the debate about consciousness that Searle and I were having. As it turned out, Joy was interested in a completely different issue, specifically the impending dangers to human civilization from three emerging technologies I had presented in the book: genetics, nanotechnology, and robotics (GNR, as discussed earlier).
The Age of Intelligent Machines, published in 1990 by MIT Press, was named Best Computer Science Book by the Association of American Publishers. The book explores the development of artificial intelligence and predicts a range of philosophic, social, and economic impacts of intelligent machines. The narrative is complemented by twenty-three articles on AI from thinkers such as Sherry Turkle, Douglas Hofstadter, Marvin Minsky, Seymour Papert, and George Gilder. For the entire text of the book, see http://www.KurzweilAI.net/aim. 5. Key measures of capability (such as price-performance, bandwidth, and capacity) increase by multiples (that is, the measures are multiplied by a factor for each increment of time) rather than being added to linearly. 6. Douglas R. Hofstadter, Gödel; Escher, Bach: An Eternal Golden Braid (New York: Basic Books, 1979). Chapter One: The Six Epochs 1.
Goddess of the Market: Ayn Rand and the American Right by Jennifer Burns
anti-communist, bank run, barriers to entry, centralized clearinghouse, collective bargaining, desegregation, feminist movement, financial independence, George Gilder, invisible hand, jimmy wales, Joseph Schumpeter, knowledge worker, laissez-faire capitalism, lone genius, Menlo Park, minimum wage unemployment, Mont Pelerin Society, new economy, offshore financial centre, Ponzi scheme, profit motive, RAND corporation, rent control, road to serfdom, rolodex, Ronald Reagan, side project, Stewart Brand, The Chicago School, The Wisdom of Crowds, union organizing, urban renewal, white flight, Whole Earth Catalog
EPILOGUE: AYN RAND IN AMERICAN MEMORY When Rand died in 1982, her old enemies were quick to declare victory. “Ayn Rand is dead. So, incidentally, is the philosophy she sought to launch dead; it died still born,” William F. Buckley Jr. announced in a mean-spirited obituary that once again set the letters column of National Review abuzz. Buckley’s dismissal of Rand was overconfident by any standard. Only a year before, George Gilder had recognized Rand as an important influence in Wealth and Poverty, a book soon known as the bible of the Reagan administration. Two years after her death another of her admirers, Charles Murray, would light the conservative world aflame with his attack on welfare, Losing Ground. Along with A Time for Truth, written by former Treasury Secretary William Simon and former Collective member Edith Efron, these books suggested that Rand’s influence was just beginning to be felt in policy circles.
Rand’s stamp collecting is described in Charles and Mary Ann Sures, Facets of Ayn Rand (Irvine, CA: Ayn Rand Institute Press, 2001). 75. Barbara Branden, The Passion of Ayn Rand (New York: Random House, 1986), 396–400; Nathaniel Branden, My Years with Ayn Rand (San Francisco: Jossey Bass, 1999), 391–402. 76. Cynthia Peikoff interview for “Sense of Life,” December 2, 1994, documentary outtakes, ARP. Epilogue 1. William F. Buckley Jr., “Ayn Rand: RIP,” National Review, April 2, 1982, 380; George Gilder, Wealth and Poverty (New York: Basic Books, 1981); Charles Murray, Losing Ground: American Social Policy, 1950–1980 (New York: Basic Books, 1984); William Simon, A Time for Truth (New York: McGrawReader’s Digest Press, 1978); Maureen Dowd, “Where Atlas Shrugged Is Still Read—Forthrightly,” New York Times, September 13, 1987. 2. Nicholas Dykes, letter to the editor, Full Context, February 1997, 10. 3.
Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World by Don Tapscott, Alex Tapscott
Airbnb, altcoin, asset-backed security, autonomous vehicles, barriers to entry, bitcoin, blockchain, Bretton Woods, business process, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, cloud computing, cognitive dissonance, corporate governance, corporate social responsibility, Credit Default Swap, crowdsourcing, cryptocurrency, disintermediation, distributed ledger, Donald Trump, double entry bookkeeping, Edward Snowden, Elon Musk, Erik Brynjolfsson, ethereum blockchain, failed state, fiat currency, financial innovation, Firefox, first square of the chessboard, first square of the chessboard / second half of the chessboard, future of work, Galaxy Zoo, George Gilder, glass ceiling, Google bus, Hernando de Soto, income inequality, informal economy, interest rate swap, Internet of things, Jeff Bezos, jimmy wales, Kickstarter, knowledge worker, Kodak vs Instagram, Lean Startup, litecoin, Lyft, M-Pesa, Mark Zuckerberg, Marshall McLuhan, means of production, microcredit, mobile money, Network effects, new economy, Oculus Rift, pattern recognition, peer-to-peer lending, performance metric, Peter Thiel, planetary scale, Ponzi scheme, prediction markets, price mechanism, Productivity paradox, quantitative easing, ransomware, Ray Kurzweil, renewable energy credits, rent-seeking, ride hailing / ride sharing, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, seigniorage, self-driving car, sharing economy, Silicon Valley, Skype, smart contracts, smart grid, social graph, social software, Stephen Hawking, Steve Jobs, Steve Wozniak, Stewart Brand, supply-chain management, TaskRabbit, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, The Wisdom of Crowds, transaction costs, Turing complete, Turing test, Uber and Lyft, unbanked and underbanked, underbanked, unorthodox policies, X Prize, Y2K, Zipcar
Clippinger, CEO, ID3, Research Scientist, MIT Media Lab Bram Cohen, Creator, BitTorrent Amy Cortese, Journalist, Founder, Locavest J-F Courville, Chief Operating Officer, RBC Wealth Management Patrick Deegan, CTO, Personal BlackBox Primavera De Filippi, Permanent Researcher, CNRS and Faculty Associate at the Berkman Center for Internet and Society at Harvard Law School Hernando de Soto, President, Institute for Liberty and Democracy Peronet Despeignes, Special Ops, Augur Jacob Dienelt, Blockchain Architect and CFO, itBit and Factom Joel Dietz, Swarm Corp Helen Disney, (formerly) Bitcoin Foundation Adam Draper, CEO and Founder, Boost VC Timothy Cook Draper, Venture Capitalist; Founder, Draper Fisher Jurvetson Andrew Dudley, Founder and CEO, Earth Observation Joshua Fairfield, Professor of Law, Washington and Lee University Grant Fondo, Partner, Securities Litigation and White Collar Defense Group, Privacy and Data Security Practice, Goodwin Procter LLP Brian Forde, Former Senior Adviser, The White House; Director, Digital Currency, MIT Media Lab Mike Gault, CEO, Guardtime George Gilder, Founder and Partner, Gilder Technology Fund Geoff Gordon, CEO, Vogogo Vinay Gupta, Release Coordinator, Ethereum James Hazard, Founder, Common Accord Imogen Heap, Grammy-Winning Musician and Songwriter Mike Hearn, Former Google Engineer, Vinumeris/Lighthouse Austin Hill, Cofounder and Chief Instigator, Blockstream Toomas Hendrik Ilves, President of Estonia Joichi Ito, Director, MIT Media Lab Eric Jennings, Cofounder and CEO, Filament Izabella Kaminska, Financial Reporter, Financial Times Paul Kemp-Robertson, Cofounder and Editorial Director, Contagious Communications Andrew Keys, Consensus Systems Joyce Kim, Executive Director, Stellar Development Foundation Peter Kirby, CEO and Cofounder, Factom Joey Krug, Core Developer, Augur Haluk Kulin, CEO, Personal BlackBox Chris Larsen, CEO, Ripple Labs Benjamin Lawsky, Former Superintendent of Financial Services for the State of New York; CEO, The Lawsky Group Charlie Lee, Creator, CTO; Former Engineering Manager, Litecoin Matthew Leibowitz, Partner, Plaza Ventures Vinny Lingham, CEO, Gyft Juan Llanos, EVP of Strategic Partnerships and Chief Transparency Officer, Bitreserve.org Joseph Lubin, CEO, Consensus Systems Adam Ludwin, Founder, Chain.com Christian Lundkvist, Balanc3 David McKay, President and Chief Executive Officer, RBC Janna McManus, Global PR Director, BitFury Mickey McManus, Maya Institute Jesse McWaters, Financial Innovation Specialist, World Economic Forum Blythe Masters, CEO, Digital Asset Holdings Alistair Mitchell, Managing Partner, Generation Ventures Carlos Moreira, Founder, Chairman, and CEO, WISeKey Tom Mornini, Founder and Customer Advocate, Subledger Ethan Nadelmann, Executive Director, Drug Policy Alliance Adam Nanjee, Head of Fintech Cluster, MaRS Daniel Neis, CEO and Cofounder, KOINA Kelly Olson, New Business Initiative, Intel Steve Omohundro, President, Self-Aware Systems Jim Orlando, Managing Director, OMERS Ventures Lawrence Orsini, Cofounder and Principal, LO3 Energy Paul Pacifico, CEO, Featured Artists Coalition Jose Pagliery, Staff Reporter, CNNMoney Stephen Pair, Cofounder and CEO, BitPay Inc.
Today she is also leading as an entrepreneur, collaborating on the development of the Bitcoin Lightning Network to solve the blockchain’s scalability issue. Perianne Boring, a former journalist and TV reporter, is the founder of the Chamber for Digital Commerce, a trade-based association in Washington, D.C. Within a year, CDC has attracted a high-profile board (e.g., Blythe Masters, James Newsome, George Gilder). The movement needed “boots on the ground in Washington to open a dialogue with government,” she said. With her background in journalism, Boring focused on messaging, positioning, and polish. Her organization is “open to anyone who is committed to growing this community,” she said, and is now a leading voice in policy, advocacy, and knowledge in the burgeoning blockchain governance ecosystem.25 This growing chorus of leaders lobbying for governance is as prescient as it is urgent.
The Great Turning: From Empire to Earth Community by David C. Korten
Albert Einstein, banks create money, big-box store, Bretton Woods, British Empire, clean water, colonial rule, Community Supported Agriculture, death of newspapers, declining real wages, European colonialism, Francisco Pizarro, full employment, George Gilder, global supply chain, global village, Hernando de Soto, Howard Zinn, informal economy, invisible hand, joint-stock company, land reform, market bubble, market fundamentalism, Monroe Doctrine, Naomi Klein, neoliberal agenda, new economy, peak oil, planetary scale, Plutocrats, plutocrats, Ronald Reagan, Rosa Parks, South Sea Bubble, stem cell, structural adjustment programs, The Chicago School, trade route, Washington Consensus, World Values Survey
Corporate globalists subscribe to it as their catechism. They differ among themselves mainly on their views of the extent to which it is appropriate for government to subsidize private corporations or to provide safety nets to cushion the fall of the losers in the market’s relentless competition. Neoliberal Elitism Economist Milton Friedman, the leader of the Chicago school of monetary economics, and technological futurist George Gilder played leading roles in legitimating and popularizing the neoliberal story. They were favorites of President Ronald Reagan (1981–89), who presented both with presidential awards. Friedman’s most inﬂuential work, Capitalism and Freedom, ﬁrst published in 1962, argues that individual freedom is the inviolate moral absolute of economic life and that it is best secured through markets that guarantee the freedom of persons of wealth to use their money and property in whatever way they consider most beneﬁcial to their individual interest.
Dave Zweifel, “Republican Stingingly Rebukes Bush,” Progressive Populist, April 1, 2004, 9. Chapter 14: Prisons of the Mind 1. Willis W. Harman, Global Mind Change: The Promise of the 21st Century, 2nd ed. (Sausalito, CA: Institute of Noetic Sciences, and San Francisco: Berrett-Koehler, 1998), viii. 2. Milton Friedman, Capitalism and Freedom (Chicago: University of Chicago Press, 2002), 120. 3. Ibid., 115–17. 4. George Gilder, Wealth and Poverty, new ed. (San Francisco: ICS Press, 1993), 40. PART IV: The Great Turning Introduction 1. Matthew Fox, Wrestling with the Prophets: Essays on Creation Spirituality and Everyday Life (New York: Penguin Group), 76. Chapter 15: Beyond Strict Father versus Aging Clock 1. Thomas Berry, Dream of the Earth (San Francisco: Sierra Club Books, 1988), xi. 2. Ralph et al., Western Civilizations, 390 (see chap. 5, n. 6). 3.
Bonfire of the Vanities, Bretton Woods, clean water, collective bargaining, declining real wages, floating exchange rates, full employment, George Akerlof, George Gilder, Home mortgage interest deduction, income inequality, indoor plumbing, informal economy, invisible hand, knowledge economy, life extension, lump of labour, new economy, Nick Leeson, paradox of thrift, Plutocrats, plutocrats, price stability, rent control, Ronald Reagan, Silicon Valley, trade route, very high income, working poor
The reason the electorate likes tax reform schemes is that they always end up being tax-cutting schemes, based on the premise that the voters pay taxes but someone else gets the benefits—even though anyone who looks at where the money actually goes quickly realizes that Pogo was right: We have met the enemy and they are us. As a result, not only do prominent conservatives rarely support proposals to extend the range of the market; they often actively oppose them. For example, the supply-side guru George Gilder has campaigned vociferously against plans to auction off a limited slice of the airwaves. Instead, incredibly, he advocates anarchy—let anyone broadcast on whatever frequency he likes. This is crazy; what it reflects, one suspects, is a basic unwillingness to accept the idea that there are any scarce resources, any limits that must be respected. So next time you encounter a conservative who likes to talk about the virtues of the free market, ask him what he thinks about creating a market in rights to drive in rush hour traffic, or to use Western water.
A Mathematician Plays the Stock Market by John Allen Paulos
Benoit Mandelbrot, Black-Scholes formula, Brownian motion, business climate, butterfly effect, capital asset pricing model, correlation coefficient, correlation does not imply causation, Daniel Kahneman / Amos Tversky, diversified portfolio, Donald Trump, double entry bookkeeping, Elliott wave, endowment effect, Erdős number, Eugene Fama: efficient market hypothesis, four colour theorem, George Gilder, global village, greed is good, index fund, invisible hand, Isaac Newton, John Nash: game theory, Long Term Capital Management, loss aversion, Louis Bachelier, mandelbrot fractal, margin call, mental accounting, Nash equilibrium, Network effects, passive investing, Paul Erdős, Ponzi scheme, price anchoring, Ralph Nelson Elliott, random walk, Richard Thaler, Robert Shiller, Robert Shiller, short selling, six sigma, Stephen Hawking, transaction costs, ultimatum game, Vanguard fund, Yogi Berra
(Hereafter I’ll generally use WCOM to refer to the stock and WorldCom to refer to the company.) Today, of course, WorldCom is synonymous with business fraud, but in the halcyon late 1990s it seemed an irrepressibly successful devourer of high-tech telecommunications companies. Bernie Ebbers, the founder and former CEO, is now viewed by many as a pirate, but then he was seen as a swashbuckler. I had read about the company, knew that high-tech guru George Gilder had been long and fervently singing its praises, and was aware that among its holdings were MCI, the huge long-distance telephone company, and UUNet, the “backbone” of the Internet. I spend a lot of time on the net (home is where you hang your @) so I found Gilder’s lyrical writings on the “telecosm” and the glories of unlimited bandwidth particularly seductive. I also knew that, unlike most dot-com companies with no money coming in and few customers, WorldCom had more than $25 billion in revenues and almost 25 million customers, and so when several people I knew told me that WorldCom was a “strong buy,” I was receptive to their suggestion.
Bureaucracy by David Graeber
3D printing, Affordable Care Act / Obamacare, airport security, Albert Einstein, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, collateralized debt obligation, Columbine, conceptual framework, Corn Laws, David Graeber, George Gilder, High speed trading, hiring and firing, late capitalism, means of production, music of the spheres, new economy, obamacare, Occupy movement, Parkinson's law, Peter Thiel, planetary scale, price mechanism, Ronald Reagan, self-driving car, Silicon Valley, South Sea Bubble, transcontinental railway, union organizing, urban planning
Toffler was less ambitious: his futurologists were not supposed to actually play the role of priests. But he shared the same feeling that technology was leading humans to the brink of a great historical break, the same fear of social breakdown, and, for that matter, the same obsession with the need to preserve the sacred role of motherhood—Comte wanted to put the image of a pregnant woman on the flag of his religious movement. Gingrich did have another guru who was overtly religious: George Gilder, a libertarian theologian, and author, among other things, of a newsletter called the “Gilder Technology Report.” Gilder was also obsessed with the relation of technology and social change, but in an odd way, he was far more optimistic. Embracing an even more radical version of Mandel’s Third Wave argument, he insisted that what we were seeing since the 1970s with the rise of computers was a veritable “overthrow of matter.”
autonomous vehicles, banking crisis, Bartolomé de las Casas, Berlin Wall, Bertrand Russell: In Praise of Idleness, Branko Milanovic, cognitive dissonance, computer age, conceptual framework, credit crunch, David Graeber, Diane Coyle, Erik Brynjolfsson, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Gilder, happiness index / gross national happiness, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, income inequality, invention of gunpowder, James Watt: steam engine, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, labour market flexibility, labour mobility, low skilled workers, means of production, megacity, meta analysis, meta-analysis, microcredit, minimum wage unemployment, Mont Pelerin Society, Nathan Meyer Rothschild: antibiotics, Occupy movement, offshore financial centre, Peter Thiel, post-industrial society, precariat, RAND corporation, randomized controlled trial, Ray Kurzweil, Ronald Reagan, Second Machine Age, Silicon Valley, Simon Kuznets, Skype, stem cell, Steven Pinker, telemarketer, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, Tyler Cowen: Great Stagnation, universal basic income, wage slave, War on Poverty, We wanted flying cars, instead we got 140 characters, wikimedia commons, women in the workforce, working poor, World Values Survey
In this case, however, Nixon was perhaps taking too much. Even a century and a half after the fatal report, the Speenhamland myth was still alive and kicking. When Nixon’s bill foundered in the Senate, conservative thinkers began lambasting the welfare state, using the very same misguided arguments applied back in 1834. These arguments echoed in Wealth and Poverty, the 1981 megabestseller by George Gilder that would make him Reagan’s most cited author and which characterized poverty as a moral problem rooted in laziness and vice. And they appeared again a few years later in Losing Ground, an influential book in which the conservative sociologist Charles Murray recycled the Speenhamland myth.24 Government support, he wrote, would only undermine the sexual morals and work ethic of the poor. It was like Townsend and Malthus all over again, but as one historian rightly notes, “Anywhere you find poor people, you also find non-poor people theorizing their cultural inferiority and dys-function.”25 Even former Nixon advisor Daniel Moynihan stopped believing in a basic income when divorce rates were initially thought to have spiked during the Seattle pilot program, a conclusion later debunked as a mathematical error.26 So did President Carter, though he had once had toyed with the idea.
affirmative action, barriers to entry, bioinformatics, Brownian motion, call centre, Cass Sunstein, centre right, clean water, dark matter, desegregation, East Village, fear of failure, Firefox, game design, George Gilder, hiring and firing, Howard Rheingold, informal economy, invention of radio, Isaac Newton, iterative process, Jean Tirole, jimmy wales, market bubble, market clearing, Marshall McLuhan, New Journalism, optical character recognition, pattern recognition, pre–internet, price discrimination, profit maximization, profit motive, random walk, recommendation engine, regulatory arbitrage, rent-seeking, RFID, Richard Stallman, Ronald Coase, Search for Extraterrestrial Intelligence, SETI@home, shareholder value, Silicon Valley, Skype, slashdot, social software, software patent, spectrum auction, technoutopianism, The Fortune at the Bottom of the Pyramid, The Nature of the Firm, transaction costs
For the full argument, see Yochai Benkler, "Some Economics of Wireless Communications," Harvard Journal of Law and Technology 16 (2002): 25; and Yochai Benkler, "Overcoming Agoraphobia: Building the Commons of the Digitally Networked Environment," Harvard Journal of Law and Technology 11 (1998): 287. For an excellent overview of the intellectual history of this debate and a contribution to the institutional design necessary to make space for this change, see Kevin Werbach, "Supercommons: Towards a Unified Theory of Wireless Communication," Texas Law Review 82 (2004): 863. The policy implications of computationally intensive radios using wide bands were first raised by George Gilder in "The New Rule of the Wireless," Forbes ASAP, March 29, 1993, and Paul Baran, "Visions of the 21st Century Communications: Is the Shortage of Radio Spectrum for Broadband Networks of the Future a Self Made Problem?" (keynote talk transcript, 8th Annual Conference on Next Generation Networks, Washington, DC, November 9, 1994). Both statements focused on the potential abundance of spectrum, and how it renders "spectrum management" obsolete.
For the full argument, see Yochai Benkler, "Some Economics of Wireless Communications," Harvard Journal of Law and Technology 16 (2002): 25; and Yochai Benkler, "Overcoming Agoraphobia: Building the Commons of the Digitally Networked Environment," Harvard Journal of Law and Technology 11 (1998): 287. For an excellent overview of the intellectual history of this debate and a contribution to the institutional design necessary to make space for this change, see Kevin Werbach, "Supercommons: Towards a Unified Theory of Wireless Communication," Texas Law Review 82 (2004): 863. The policy implications of computationally intensive radios using wide bands were first raised by George Gilder in "The New Rule of the Wireless," Forbes ASAP, March 29, 1993, and Paul Baran, "Visions of the 21st Century Communications: Is the Shortage of Radio Spectrum for Broadband Networks of the Future a Self Made Problem?" (keynote talk transcript, 8th Annual Conference on Next Generation Networks, Washington, DC, November 9, 1994). Both statements focused on the potential abundance of spectrum, and how it renders "spectrum management" obsolete.
Apple II, collective bargaining, computer age, George Gilder, informal economy, laissez-faire capitalism, low skilled workers, means of production, Menlo Park, Murray Gell-Mann, open economy, Richard Feynman, Richard Feynman, Ronald Reagan, Sand Hill Road, Silicon Valley, Silicon Valley startup, Steve Jobs, Steve Wozniak, union organizing, War on Poverty, women in the workforce, Yom Kippur War
Noyce was featured in hundreds of newspaper and magazine articles. Peter Jennings profiled him as “the person of the week” on ABC. CBS anchor Charles Osgood called Noyce “the man who changed the world.” Tom Wolfe, who knew a hero when he saw one, wrote about Noyce in a 1983 Esquire article that ran next to pieces on other “American Originals,” including Jackie Robinson, John F. Kennedy, Betty Friedan, Walt Disney, and Elvis Presley. Futurist George Gilder called Robert Noyce “undoubtedly the most important American of the postwar era,” while Isaac Asimov went even further by hailing the invention of the integrated circuit as “the most important moment since man emerged as a life form.”9 And yet until now the story of Robert Noyce has not been told in full. “High-tech history’ is almost an oxymoron,” Noyce once said. “Our major activity is to make yesterday’s ‘gee-whiz!’
If you weren’t intimidated by Noyce: Jim Lafferty, interview by author. 9. Thomas Edison and Henry Ford: “Remembering Bob Noyce: A Special Tribute,” four-page insert to San Jose Mercury News, 17 June 1990. Man who changed the world: “Osgood Files” [video], ASB. Tom Wolfe wrote about Noyce: Tom Wolfe, “The Tinkerings of Robert Noyce: How the Sun Rose on Silicon Valley,” Esquire, Dec. 1983, 346–74. Most important American: George Gilder quoted in the internal Intel publication Inteleads, July 1990, IA. Most important moment: Isaac Asmiov quoted in Miller Bonner, W. Lane Boyd, and Janet A. Allen, “Robert N. Noyce, 1927–1990,” commemorative brochure internally published by SEMATECH, ST. 10. Roots are important: Noyce’s contribution to the Grinnell High School Class of 1945’s fortieth reunion booklet, courtesy Robert Kaloupek.
The Power of Pull: How Small Moves, Smartly Made, Can Set Big Things in Motion by John Hagel Iii, John Seely Brown
Albert Einstein, Andrew Keen, barriers to entry, Black Swan, business process, call centre, Clayton Christensen, cleantech, cloud computing, corporate governance, Elon Musk, en.wikipedia.org, future of work, game design, George Gilder, Isaac Newton, job satisfaction, knowledge economy, knowledge worker, loose coupling, Louis Pasteur, Malcom McLean invented shipping containers, Maui Hawaii, medical residency, Network effects, packet switching, pattern recognition, pre–internet, profit motive, recommendation engine, Ronald Coase, shareholder value, Silicon Valley, Skype, smart transportation, software as a service, supply-chain management, The Nature of the Firm, too big to fail, trade liberalization, transaction costs
Although the concept of packet switching as an alternative technology for communicating had emerged in the early 1960s, it was not until the mid-1970s that researchers began to define the TCP/IP standard (Transmission Control Protocol/Internet Protocol) that ultimately provided a foundation for connecting a wide variety of digital networks together. In parallel with this technological advance, significant innovations in optical-fiber technology led to the formulation of a “fiber law” by George Gilder, who observed that the number of bits that can be piped down a single optical fiber tends to double roughly every nine months, leading to corresponding increases in price performance over time. This performance trend has been driven by a variety of innovations involving the ability to send an increasing number of frequencies through a strand of fiber and to switch frequencies much more efficiently through photonic switching.
Bobos in Paradise: The New Upper Class and How They Got There by David Brooks
1960s counterculture, affirmative action, Community Supported Agriculture, David Brooks, Donald Trump, Francis Fukuyama: the end of history, George Gilder, haute couture, haute cuisine, income inequality, Jane Jacobs, Jeff Bezos, means of production, Mikhail Gorbachev, New Urbanism, place-making, Ralph Waldo Emerson, Silicon Valley, The Bell Curve by Richard Herrnstein and Charles Murray, The Death and Life of Great American Cities, Thorstein Veblen, Upton Sinclair, upwardly mobile, urban planning, War on Poverty, Yogi Berra
A New Jersey school curriculum advised, “Grown-ups sometimes forget to tell children that touching can give people pleasure, especially when someone you love touches you. And you can give yourself pleasure, and that’s okay.” Old taboos were falling. Old family structures began to seem passé. Old systems of etiquette seemed positively Neanderthal. Reticence seemed like hypocrisy. Sexual freedom, at least in the realm of public discourse, was on the march. Indeed, some social critics believe the sexual revolution continues unabated to this day. In 1995 George Gilder wrote, “Bohemian values have come to prevail over bourgeois virtue in sexual morals and family roles, arts and letters, bureaucracies and universities, popular culture and public life. As a result, culture and family life are widely in chaos, cities seethe with venereal plagues, schools and colleges fall to obscurantism and propaganda, the courts are a carnival of pettifoggery.” In 1996 Robert Bork’s bestseller, Slouching Towards Gomorrah, argued that the forces of the sixties have spread cultural rot across mainstream America.
How to Create a Mind: The Secret of Human Thought Revealed by Ray Kurzweil
Alan Turing: On Computable Numbers, with an Application to the Entscheidungsproblem, Albert Einstein, Albert Michelson, anesthesia awareness, anthropic principle, brain emulation, cellular automata, Claude Shannon: information theory, cloud computing, computer age, Dean Kamen, discovery of DNA, double helix, en.wikipedia.org, epigenetics, George Gilder, Google Earth, Isaac Newton, iterative process, Jacquard loom, Jacquard loom, John von Neumann, Law of Accelerating Returns, linear programming, Loebner Prize, mandelbrot fractal, Norbert Wiener, optical character recognition, pattern recognition, Peter Thiel, Ralph Waldo Emerson, random walk, Ray Kurzweil, reversible computing, self-driving car, speech recognition, Steven Pinker, strong AI, the scientific method, theory of mind, Turing complete, Turing machine, Turing test, Wall-E, Watson beat the top human players on Jeopardy!, X Prize
ACKNOWLEDGMENTS I’d like to express my gratitude to my wife, Sonya, for her loving patience through the vicissitudes of the creative process; To my children, Ethan and Amy; my daughter-in-law, Rebecca; my sister, Enid; and my new grandson, Leo, for their love and inspiration; To my mother, Hannah, for supporting my early ideas and inventions, which gave me the freedom to experiment at a young age, and for keeping my father alive during his long illness; To my longtime editor at Viking, Rick Kot, for his leadership, steady and insightful guidance, and expert editing; To Loretta Barrett, my literary agent for twenty years, for her astute and enthusiastic guidance; To Aaron Kleiner, my long-term business partner, for his devoted collaboration for the past forty years; To Amara Angelica for her devoted and exceptional research support; To Sarah Black for her outstanding research insights and ideas; To Laksman Frank for his excellent illustrations; To Sarah Reed for her enthusiastic organizational support; To Nanda Barker-Hook for her expert organization of my public events on this and other topics; To Amy Kurzweil for her guidance on the craft of writing; To Cindy Mason for her research support and ideas on AI and the mind-body connection; To Dileep George for his discerning ideas and insightful discussions by e-mail and otherwise; To Martine Rothblatt for her dedication to all of the technologies I discuss in the book and for our collaborations in developing technologies in these areas; To the KurzweilAI.net team, who provided significant research and logistical support for this project, including Aaron Kleiner, Amara Angelica, Bob Beal, Casey Beal, Celia Black-Brooks, Cindy Mason, Denise Scutellaro, Joan Walsh, Giulio Prisco, Ken Linde, Laksman Frank, Maria Ellis, Nanda Barker-Hook, Sandi Dube, Sarah Black, Sarah Brangan, and Sarah Reed; To the dedicated team at Viking Penguin for all of their thoughtful expertise, including Clare Ferraro (president), Carolyn Coleburn (director of publicity), Yen Cheong and Langan Kingsley (publicists), Nancy Sheppard (director of marketing), Bruce Giffords (production editor), Kyle Davis (editorial assistant), Fabiana Van Arsdell (production director), Roland Ottewell (copy editor), Daniel Lagin (designer), and Julia Thomas (jacket designer); To my colleagues at Singularity University for their ideas, enthusiasm, and entrepreneurial energy; To my colleagues who have provided inspired ideas reflected in this volume, including Barry Ptolemy, Ben Goertzel, David Dalrymple, Dileep George, Felicia Ptolemy, Francis Ganong, George Gilder, Larry Janowitch, Laura Deming, Lloyd Watts, Martine Rothblatt, Marvin Minsky, Mickey Singer, Peter Diamandis, Raj Reddy, Terry Grossman, Tomaso Poggio, and Vlad Sejnoha; To my peer expert readers, including Ben Goertzel, David Gamez, Dean Kamen, Dileep George, Douglas Katz, Harry George, Lloyd Watts, Martine Rothblatt, Marvin Minsky, Paul Linsay, Rafael Reif, Raj Reddy, Randal Koene, Dr. Stephen Wolfram, and Tomaso Poggio; To my in-house and lay readers whose names appear above; And, finally, to all of the creative thinkers in the world who inspire me every day.
More Joel on Software by Joel Spolsky
barriers to entry, Black Swan, Build a better mousetrap, business process, call centre, Danny Hillis, failed state, Firefox, George Gilder, low cost carrier, Mars Rover, Network effects, Paul Graham, performance metric, place-making, price discrimination, prisoner's dilemma, Ray Oldenburg, Sand Hill Road, Silicon Valley, slashdot, social software, Steve Ballmer, Steve Jobs, Superbowl ad, The Great Good Place, type inference, unpaid internship, wage slave, web application, Y Combinator
Think about what happened to poor Marimba. They launched their company with infinite VC in the days of hyper-Java hype, having lured the key developers from the Java team at Sun. They had a 260 More from Joel on Software CEO, Kim Polese, who was brilliant at public relations; when she was marketing Java, she had Danny Hillis making speeches about how Java was the next step in human evolution; George Gilder wrote these breathless articles about how Java was going to completely upturn the very nature of human civilization. Compared to Java, we were to believe, monotheism, for example, was just a wee blip. Polese is that good. So when Marimba Castanet launched, it probably had more unearned hype than any product in history, but the developers had only been working on it for a total of . . . four months.
Social Life of Information by John Seely Brown, Paul Duguid
AltaVista, business process, Claude Shannon: information theory, computer age, cross-subsidies, disintermediation, double entry bookkeeping, Frank Gehry, frictionless, frictionless market, future of work, George Gilder, global village, Howard Rheingold, informal economy, information retrieval, invisible hand, Isaac Newton, Just-in-time delivery, Kevin Kelly, knowledge economy, knowledge worker, loose coupling, Marshall McLuhan, medical malpractice, moral hazard, Network effects, new economy, Productivity paradox, rolodex, Ronald Coase, shareholder value, Silicon Valley, Steve Jobs, Superbowl ad, Ted Nelson, telepresence, the medium is the message, The Nature of the Firm, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, Turing test, Vannevar Bush, Y2K
Yet in suggesting this possibility, they make you wonder why you need to travel at all. 20. Reagle, 1996. 21. Readers of Toffler's (1980) Third Wave will recognize the first three terms here, particularly the first, demassification, to which Toffler adds three subtypes: demassification of media, production, and society. Notions of disintermediation and decentralization are features, for example, in the work of George Gilder or Kevin Kelly's (1997) writing on the "new economy." There are more "Ds" that could be added, such as Kevin Kelly's displacement and devolution. 22. Downes and Mui, 1998. 23. Coase, 1937. Coase's theory should be seen not so much as an attack on neoclassical individualism as an attempt to save it from itself. We return to transaction cost theory briefly in our discussion of the future of the firm in chapter 6.
A Brief History of Neoliberalism by David Harvey
affirmative action, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, capital controls, centre right, collective bargaining, crony capitalism, debt deflation, declining real wages, deglobalization, deindustrialization, Deng Xiaoping, Fall of the Berlin Wall, financial deregulation, financial intermediation, financial repression, full employment, George Gilder, Gini coefficient, global reserve currency, illegal immigration, income inequality, informal economy, labour market flexibility, land tenure, late capitalism, Long Term Capital Management, low-wage service sector, manufacturing employment, market fundamentalism, means of production, Mexican peso crisis / tequila crisis, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, phenotype, Ponzi scheme, price mechanism, race to the bottom, rent-seeking, reserve currency, Ronald Reagan, Silicon Valley, special economic zone, structural adjustment programs, the built environment, The Chicago School, transaction costs, union organizing, urban renewal, urban sprawl, Washington Consensus, Winter of Discontent
The more acceptable commonality to these arguments was that government intervention was the problem rather than the solution, and that ‘a stable monetary policy, plus radical tax cuts in the top brackets, would produce a healthier economy’ by getting the incentives for entrepreneurial activity aligned correctly.25 The business press, with the Wall Street Journal very much in the lead, took up these ideas, becoming an open advocate for neoliberalization as the necessary solution to all economic ills. Popular currency was given to these ideas by prolific writers such as George Gilder (supported by think-tank funds), and the business schools that arose in prestigious universities such as Stanford and Harvard, generously funded by corporations and foundations, became centres of neoliberal orthodoxy from the very moment they opened. Charting the spread of ideas is always difficult, but by 1990 or so most economics departments in the major research universities as well as the business schools were dominated by neoliberal modes of thought.
business intelligence, business process, cellular automata, Celtic Tiger, cloud computing, collateralized debt obligation, conceptual framework, congestion charging, corporate governance, correlation does not imply causation, crowdsourcing, discrete time, George Gilder, Google Earth, Infrastructure as a Service, Internet Archive, Internet of things, invisible hand, knowledge economy, late capitalism, linked data, Masdar, means of production, Nate Silver, natural language processing, openstreetmap, pattern recognition, platform as a service, recommendation engine, RFID, semantic web, sentiment analysis, slashdot, smart cities, Smart Cities: Big Data, Civic Hackers, and the Quest for a New Utopia, smart grid, smart meter, software as a service, statistical model, supply-chain management, the scientific method, The Signal and the Noise by Nate Silver, transaction costs
During the 1980s the infrastructure grew, with new institutional and corporate players widening participation, along with the development of intranets (private networks). In 1992, the World Wide Web was invented by Tim Berners-Lee at CERN, Geneva, producing a much more user-friendly way of accessing and using the Internet. Throughout the 1990s and 2000s, new networking technologies were developed such as near field and proximate communication with Bluetooth, local WiFi coverage, and national GSM/3G networks. According to George Gilder’s (2000) ‘law of telecosm’, the world’s supply of bandwidth (its capacity to transfer data) doubles roughly every six months, with much of the additional capacity provided through wireless networks. As a consequence of these developments, the linking of computational devices through the Internet has become increasingly easier, faster and more widely available. Pervasive and ubiquitous computing Accompanying the expansion in the accessibility and bandwidth of ICT networks has been the diversification and expansion in digital-enabled devices which either directly or indirectly (uploaded to another device first) connect to the Internet to exchange data, instructions or receive software updates.
Reinventing the Bazaar: A Natural History of Markets by John McMillan
accounting loophole / creative accounting, Albert Einstein, Andrei Shleifer, Anton Chekhov, Asian financial crisis, congestion charging, corporate governance, crony capitalism, Dava Sobel, Deng Xiaoping, experimental economics, experimental subject, fear of failure, first-price auction, frictionless, frictionless market, George Akerlof, George Gilder, global village, Hernando de Soto, I think there is a world market for maybe five computers, income inequality, income per capita, informal economy, invisible hand, Isaac Newton, job-hopping, John Harrison: Longitude, John von Neumann, land reform, lone genius, manufacturing employment, market clearing, market design, market friction, market microstructure, means of production, Network effects, new economy, offshore financial centre, pez dispenser, pre–internet, price mechanism, profit maximization, profit motive, proxy bid, purchasing power parity, Ronald Coase, Ronald Reagan, sealed-bid auction, second-price auction, Silicon Valley, spectrum auction, Stewart Brand, The Market for Lemons, The Nature of the Firm, The Wealth of Nations by Adam Smith, trade liberalization, transaction costs, War on Poverty, Xiaogang Anhui farmers, yield management
The Reverend Richard Whately, a professor of political economy at Oxford University in the eighteenth century, believed the coherence of the market to be proof that God exists. If no human planner is guiding the market to the optimal outcome, God must be. The invisible hand is the hand of God. A religious fervor characterizes some of today’s fans of the free market. “The true spirit capital of the current capitalist economy is not material. It is moral, intellectual, and spiritual,” declared George Gilder, an evangelist for libertarianism. He also said that entrepreneurship “most deeply springs from religious faith and culture” and that entrepreneurs “embody and fulfill the sweet and mysterious consolations of the Sermon on the Mount.” Ronald Reagan liked to use the catchphrase “the magic of the market”—inadvertently bearing out the jibes about his “voodoo economics.” Carlos Fuentes, the novelist, derided what he calls economic fundamentalism, “with its religious conviction that the market, left to its own devices, is capable of resolving all our problems.”
The Future of Money by Bernard Lietaer
agricultural Revolution, banks create money, barriers to entry, Bretton Woods, clean water, complexity theory, dematerialisation, discounted cash flows, diversification, fiat currency, financial deregulation, financial innovation, floating exchange rates, full employment, George Gilder, German hyperinflation, global reserve currency, Golden Gate Park, Howard Rheingold, informal economy, invention of the telephone, invention of writing, Lao Tzu, Mahatma Gandhi, means of production, microcredit, money: store of value / unit of account / medium of exchange, Norbert Wiener, North Sea oil, offshore financial centre, pattern recognition, post-industrial society, price stability, reserve currency, Ronald Reagan, seigniorage, Silicon Valley, South Sea Bubble, the market place, the payments system, trade route, transaction costs, trickle-down economics, working poor
Named after the President of Intel, 'Moore's law' actually describes an even more impressive rate: every 18 months, computational speed doubles and the price drops by half. Just one facet of it - the Internet - is the topic of an estimated 12,000 articles per month in the US press alone, and this does not even include what is written about the Internet on the Internet. Never before has any technological shift been heralded by such an information avalanche. George Gilder calls it 'the biggest technological juggernaut that ever rolled'. Bill Gates claims that 'the benefits and problems arising from the Internet Revolution will be much greater than those brought about by the PC revolution'. It is worth repeating that what drives the change are the gigantic falls in costs and speed not only in computer chips but also in communications in general (see sidebar). Although skepticism is healthy when we are faced with so much hype, this Revolution could yet prove to be a real one.
The Great Convergence: Information Technology and the New Globalization by Richard Baldwin
3D printing, additive manufacturing, Admiral Zheng, agricultural Revolution, air freight, Amazon Mechanical Turk, Berlin Wall, bilateral investment treaty, Branko Milanovic, buy low sell high, call centre, Columbian Exchange, Commodity Super-Cycle, David Ricardo: comparative advantage, deindustrialization, domestication of the camel, Edward Glaeser, Erik Brynjolfsson, financial intermediation, George Gilder, global supply chain, global value chain, Henri Poincaré, imperial preference, industrial robot, invention of agriculture, invention of the telegraph, investor state dispute settlement, Isaac Newton, Islamic Golden Age, James Dyson, knowledge economy, knowledge worker, Lao Tzu, low skilled workers, market fragmentation, New Economic Geography, out of africa, paper trading, Pax Mongolica, profit motive, rent-seeking, reshoring, Richard Florida, rising living standards, Second Machine Age, Simon Kuznets, Skype, Snapchat, Stephen Hawking, telepresence, telerobotics, The Wealth of Nations by Adam Smith, trade liberalization, trade route, Washington Consensus
The “T,” which stands for technology, should probably be an “R” for reorganization since the economic impact of the “I” and “C” were greatly amplified by new working methods and workplace organizations. The law that impels the “I” in ICT is called Moore’s Law after its originator Gordon Moore. This law asserts that computing power grows exponentially—with, for example, computer chip performance doubling every eighteen months. The propulsion behind the “T” part is described by two laws: Gilder’s Law and Metcalfe’s Law. George Gilder observed that bandwidth grows three times more rapidly than computer power—doubling every six months. This allows transmission advances to help relax computing and storage constraints. Advances in data transmission, processing, and storage amplify each other. This is the economic basis of “the cloud” and its various uses. Robert Metcalfe asserted that the usefulness of a network rises with the square of the number of users.
Wall Street: How It Works And for Whom by Doug Henwood
accounting loophole / creative accounting, affirmative action, Andrei Shleifer, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, capital asset pricing model, capital controls, central bank independence, corporate governance, correlation coefficient, correlation does not imply causation, credit crunch, currency manipulation / currency intervention, David Ricardo: comparative advantage, debt deflation, declining real wages, deindustrialization, dematerialisation, diversification, diversified portfolio, Donald Trump, equity premium, Eugene Fama: efficient market hypothesis, experimental subject, facts on the ground, financial deregulation, financial innovation, Financial Instability Hypothesis, floating exchange rates, full employment, George Akerlof, George Gilder, hiring and firing, Hyman Minsky, implied volatility, index arbitrage, index fund, interest rate swap, Internet Archive, invisible hand, Isaac Newton, joint-stock company, Joseph Schumpeter, kremlinology, labor-force participation, late capitalism, law of one price, liquidationism / Banker’s doctrine / the Treasury view, London Interbank Offered Rate, Louis Bachelier, market bubble, Mexican peso crisis / tequila crisis, microcredit, minimum wage unemployment, moral hazard, mortgage debt, mortgage tax deduction, oil shock, payday loans, pension reform, Plutocrats, plutocrats, price mechanism, price stability, prisoner's dilemma, profit maximization, Ralph Nader, random walk, reserve currency, Richard Thaler, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, shareholder value, short selling, Slavoj Žižek, South Sea Bubble, The Market for Lemons, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, transaction costs, transcontinental railway, women in the workforce, yield curve, zero-coupon bond
A pure artifact, it enjoys a truly astral mobility; and it is instantly convertible. Money has now found its proper place, a place far more wondrous than the stock exchange: the orbit in which it rises and sets like some artificial sun. This isn't that surprising from a writer who can declare the Gulf War a media event. But it displays an understanding of finance apparently derived from capital's own publicists, like George Gilder, who celebrate the obsolescence of matter and the transcendence of all the old hostile relations of production. Cybertopians and other immaterialists are lost in a second- or even third-order fetishism, unable to decode the relations of power behind the disembodied ecstasies of computerized trading. And, on the other hand, lefties of all sorts — liberal, populist, and socialist — who haven't succumbed to vulgar postmodernism have continued the long tradition of beating up on finance, denouncing it as a stinkpot of parasitism, irrelevance, malignancy, and corruption, without providing much detail beyond that.
What Technology Wants by Kevin Kelly
Albert Einstein, Alfred Russel Wallace, Buckminster Fuller, c2.com, carbon-based life, Cass Sunstein, charter city, Clayton Christensen, cloud computing, computer vision, Danny Hillis, dematerialisation, demographic transition, double entry bookkeeping, en.wikipedia.org, Exxon Valdez, George Gilder, gravity well, hive mind, Howard Rheingold, interchangeable parts, invention of air conditioning, invention of writing, Isaac Newton, Jaron Lanier, John Conway, John von Neumann, Kevin Kelly, knowledge economy, Lao Tzu, life extension, Louis Daguerre, Marshall McLuhan, megacity, meta analysis, meta-analysis, new economy, out of africa, performance metric, personalized medicine, phenotype, Picturephone, planetary scale, RAND corporation, random walk, Ray Kurzweil, recommendation engine, refrigerator car, Richard Florida, Silicon Valley, silicon-based life, Skype, speech recognition, Stephen Hawking, Steve Jobs, Stewart Brand, Ted Kaczynski, the built environment, the scientific method, Thomas Malthus, Vernor Vinge, Whole Earth Catalog, Y2K
pressrelease.id=96. 332 hundreds of exabytes of real-life data: John Gantz, David Reinsel, et al. (2007) “The Expanding Digital Universe: A Forecast of Worldwide Information Growth Through 2010.” http://www.emc.com/collateral/analyst-reports/expanding-digitalidc-white-paper. pdf. 334 by a few million bits: Stephen Hawking. (1996) “Life in the Universe.” http://hawking.org.uk/index.php?option=com_content& view=article&id=65. 334 new information to the technium each year: Bret Swanson and George Gilder. (2008) “Estimating the Exaflood.” Discovery Institute. http://www.discovery.org/a/4428. 334 an exponential curve for over 100 years: Andrew Odlyzko. (2000) “The History of Communications and Its Implications for the Internet.” SSRN eLibrary. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=235284. 335 when science began: Derek Price. (1965) Little Science, Big Science. New York: Columbia University Press. 337 the overthrow of scientific paradigms: Freeman J.
The Wrecking Crew: How Conservatives Rule by Thomas Frank
affirmative action, anti-communist, barriers to entry, Berlin Wall, Bernie Madoff, British Empire, collective bargaining, corporate governance, Credit Default Swap, David Brooks, edge city, financial deregulation, full employment, George Gilder, guest worker program, income inequality, invisible hand, job satisfaction, Mikhail Gorbachev, Mont Pelerin Society, mortgage debt, Naomi Klein, new economy, P = NP, Plutocrats, plutocrats, Ponzi scheme, Ralph Nader, rent control, Richard Florida, road to serfdom, rolodex, Ronald Reagan, school vouchers, shareholder value, Silicon Valley, stem cell, Telecommunications Act of 1996, the scientific method, too big to fail, union organizing, War on Poverty
Jack Wheeler, erstwhile leader of the cult of the freedom fighter, discovered that the Internet was the weapon that would destroy the liberal state here at home.1 Leadership of the conservative movement passed from Pat Buchanan, warning darkly about the coming “New World Order,” to Newt Gingrich, extolling the coming Information Age and referring reporters to the glorious free-market future as revealed in The Third Wave. The most telling metamorphosis was that of the conservative writer George Gilder. Like so many others, Gilder started his career as a culture warrior, denouncing feminism as a mortal threat to civilization. In his 1981 best seller, Wealth and Poverty, he expanded the attack, describing poverty as a result of bad values and blaming society’s breakdown on permissive liberalism. Then, in the late eighties, Gilder discovered that the microchip, the motor of American prosperity, contained in its very design a political commandment: thou shalt embrace free-market economics.
The End of Work by Jeremy Rifkin
banking crisis, Bertrand Russell: In Praise of Idleness, blue-collar work, cashless society, collective bargaining, computer age, deskilling, Dissolution of the Soviet Union, employer provided health coverage, Erik Brynjolfsson, full employment, future of work, general-purpose programming language, George Gilder, global village, hiring and firing, informal economy, interchangeable parts, invention of the telegraph, Jacques de Vaucanson, job automation, John Maynard Keynes: technological unemployment, knowledge economy, knowledge worker, land reform, low skilled workers, means of production, new economy, New Urbanism, pink-collar, post-industrial society, Productivity paradox, Richard Florida, Ronald Reagan, Silicon Valley, speech recognition, strikebreaker, technoutopianism, Thorstein Veblen, Toyota Production System, trade route, trickle-down economics, women in the workforce, working poor, working-age population, Works Progress Administration
Alperovitz acknowledges that while "such a policy has many expert advocates, it has little political feasibility at the moment."78 Despite mounting evidence of the destabilizing impacts of the new high-technology revolution, government leaders continue to champion the idea of trickle-down technology, believing, against all 40 THE TWO FACES OF TECHNOLOGY evidence to the contrary, that technological innovations, advances in productivity, and falling prices will generate sufficient demand and lead to the creation of more new jobs than are lost. During the ReaganBush era, supply-side economists like George Gilder and David Stockman were quick to embrace the concept of trickle-down technology, arguing that the key to growth lay in policies designed to stimulate production. In 1987 The National Academy of Sciences issued a report on the future of "Technology and Employment," reiterating the trickle-down arguments. By reducing the costs of production and thereby lowering the price of a particular good in a competitive market, technological change frequently leads to increases in output demand; greater output demand results in increased production, which requires more labor, offsetting the employment impacts of reductions in labor requirements per unit of output stemming from technological change.
All the Money in the World by Peter W. Bernstein
Albert Einstein, anti-communist, Berlin Wall, Bill Gates: Altair 8800, call centre, corporate governance, currency peg, David Brooks, Donald Trump, estate planning, family office, financial innovation, George Gilder, high net worth, invisible hand, Jeff Bezos, job automation, job-hopping, Long Term Capital Management, Martin Wolf, Maui Hawaii, means of production, Menlo Park, Mikhail Gorbachev, new economy, PageRank, Peter Singer: altruism, pez dispenser, popular electronics, Renaissance Technologies, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sand Hill Road, school vouchers, Search for Extraterrestrial Intelligence, shareholder value, Silicon Valley, Silicon Valley startup, stem cell, Stephen Hawking, Steve Ballmer, Steve Jobs, Steve Wozniak, Thorstein Veblen, too big to fail, traveling salesman, urban planning, William Shockley: the traitorous eight, women in the workforce
Noyce, along with Moore, a gentle, self-effacing man who had an uncanny knack for backing promising research projects, left Fairchild in 1968 to found the Intel Corporation, one of the leading computer chip manufacturers in the world today. It was at Intel in late 197127 that Noyce and Moore upended the electronic industry once more, when their engineers invented the first microprocessor, an invention that futurist George Gilder has referred to as the most significant product of the second half of the twentieth century. It was the microprocessor, the so-called computer on a chip, which ushered in the age of the personal computer and transformed numerous other industries. Because of its diminutive size and its ability to carry out logic functions, the microprocessor could be used to automate processes in everything from television sets to automobiles.
Confessions of a Wall Street Analyst: A True Story of Inside Information and Corruption in the Stock Market by Daniel Reingold, Jennifer Reingold
barriers to entry, Berlin Wall, corporate governance, estate planning, Fall of the Berlin Wall, George Gilder, high net worth, informal economy, margin call, new economy, pets.com, rolodex, Saturday Night Live, shareholder value, short selling, Silicon Valley, stem cell, Telecommunications Act of 1996, thinkpad, traveling salesman
It took place at the Ritz-Carlton in Laguna Niguel, California, a gorgeous resort south of Los Angeles overlooking the ocean. But no one there cared much about the surf. The conference was chock-a-block with new companies trying to get funded, existing companies touting their technology, and, of course, bankers, analysts, and investors. The speakers included John Chambers, CEO of Cisco Systems, Internet guru George Gilder, and others. Frank Quattrone, tech banker extraordinaire, was there, mobbed by startups looking for funding or merger partners. Sol Trujillo, CEO of US West, was there, trying desperately to gain some credibility as he tried to transform his company, and himself, from a boring old Baby Bell into a “new-economy” superstar. And Jim Crowe, my flat-topped buddy from MFS, was there, spreading the Internet word again, but this time on behalf of his new company, Level 3 Communications.
3D printing, additive manufacturing, Albert Einstein, Amazon Web Services, Any sufficiently advanced technology is indistinguishable from magic, asset-backed security, augmented reality, barriers to entry, bitcoin, bounce rate, business intelligence, business process, business process outsourcing, call centre, capital controls, citizen journalism, Clayton Christensen, cloud computing, credit crunch, crowdsourcing, disintermediation, en.wikipedia.org, George Gilder, Google Glasses, high net worth, I think there is a world market for maybe five computers, Infrastructure as a Service, invention of the printing press, Jeff Bezos, jimmy wales, London Interbank Offered Rate, M-Pesa, Mark Zuckerberg, mass affluent, microcredit, mobile money, more computing power than Apollo, Northern Rock, Occupy movement, optical character recognition, performance metric, platform as a service, QWERTY keyboard, Ray Kurzweil, recommendation engine, RFID, risk tolerance, self-driving car, Skype, speech recognition, stem cell, telepresence, Tim Cook: Apple, transaction costs, underbanked, web application
ETFs: Exchange-Traded Funds Facebook: A hugely popular online social network founded in 2004 for helping friends stay in touch and share information FAQ: Frequently Asked Questions—questions asked frequently by customers and put on the company’s website to expedite answers. FMCG: Fast-Moving Consumer Goods—products that are sold quickly at relatively low costs. Geolocation: The technique of identifying the geographical location of a person or device by means of digital information processed via the Internet. Gilder’s Law: Proposed by George Gilder, this law states that bandwidth grows at least three times faster than computer power. GPR prepaid cards: General Purpose Reloadable prepaid cards GPRS: General Packet Radio Switching—a packet-oriented mobile data service available to users of 2G and 3G cellular communication systems in Global Systems for Mobile Communications (GSM). GSM: Global Systems for Mobile Communications—the primary standard for digital mobile phones, in use by 80 per cent of the global mobile market.
Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, Berlin Wall, Big bang: deregulation of the City of London, California gold rush, complexity theory, computer age, constrained optimization, corporate governance, corporate social responsibility, correlation does not imply causation, Daniel Kahneman / Amos Tversky, David Ricardo: comparative advantage, Donald Trump, double entry bookkeeping, double helix, Edward Lloyd's coffeehouse, equity premium, Ernest Rutherford, European colonialism, experimental economics, Exxon Valdez, failed state, financial innovation, Francis Fukuyama: the end of history, George Akerlof, George Gilder, greed is good, haute couture, illegal immigration, income inequality, invention of the telephone, invention of the wheel, invisible hand, John Nash: game theory, John von Neumann, Kevin Kelly, knowledge economy, labour market flexibility, late capitalism, Long Term Capital Management, loss aversion, Mahatma Gandhi, market bubble, market clearing, market fundamentalism, means of production, Menlo Park, Mikhail Gorbachev, money: store of value / unit of account / medium of exchange, moral hazard, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, pets.com, popular electronics, price discrimination, price mechanism, prisoner's dilemma, profit maximization, purchasing power parity, QWERTY keyboard, Ralph Nader, RAND corporation, random walk, rent-seeking, risk tolerance, road to serfdom, Ronald Coase, Ronald Reagan, second-price auction, shareholder value, Silicon Valley, Simon Kuznets, South Sea Bubble, Steve Jobs, telemarketer, The Chicago School, The Death and Life of Great American Cities, The Market for Lemons, The Nature of the Firm, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Washington Consensus, women in the workforce, yield curve, yield management
The central message-that economics provides at best little support for conventional political wisdom about market efficiency and the simplifications of the American business model-was lost. Stiglitz was cheered by anti globalization protesters with little appreciation of what the argument was really about. The stock market bubble confronted economists with different challenges. The public debate was dominated by pundits: George Gilder of Forbes ASAP, Kevin Kelly of Wired and New Rules for the New Economy) James Glassman and Kevin Hassett of Dow 36)000. These people were not credentialed economists, but they announced the irrelevance of traditional principles of business economics and market valuation in the face of new technology and a changed political environment. Few serious economists made public pronouncements on the bubble, perhaps wisely.
algorithmic trading, asset-backed security, bank run, banking crisis, Bernie Madoff, Black Swan, Bretton Woods, BRICs, British Empire, collateralized debt obligation, computer age, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency peg, diversification, Doha Development Round, energy security, financial deregulation, financial innovation, fixed income, Francis Fukuyama: the end of history, George Gilder, housing crisis, Hyman Minsky, imperial preference, income inequality, index arbitrage, index fund, interest rate derivative, interest rate swap, Joseph Schumpeter, Kenneth Rogoff, large denomination, Long Term Capital Management, market bubble, Martin Wolf, Menlo Park, mobile money, Monroe Doctrine, moral hazard, mortgage debt, new economy, oil shale / tar sands, oil shock, peak oil, Plutocrats, plutocrats, Ponzi scheme, profit maximization, Renaissance Technologies, reserve currency, risk tolerance, risk/return, Robert Shiller, Robert Shiller, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, The Chicago School, Thomas Malthus, too big to fail, trade route
—Gideon Rachman, Financial Times, November 2007 Looking back a decade, we can now understand that a perverse incarnation of millennial utopianism crested in a form that critics have since labeled “market triumphalism”—the belief that history was “ending” because near perfection had been achieved through the enthronement of English-speaking democratic capitalism. Smugness paraded across a bipartisan spectrum. Newt Gingrich, the Speaker of the U.S. House of Representatives, envisioned a politics in which major questions could be resolved by asking “our major multinational corporations for advice.” Technology guru George Gilder theologized that “it is the entrepreneurs who know the rules of the world and the laws of God.” Thomas Friedman, the New York Times columnist, enthused, “International finance has turned the world into a parliamentary system” that allows initiates “to vote every hour, every day through their mutual funds, their pension funds, their brokers.” Even historian Francis Fukuyama, normally sober, burbled that “liberal democracy combined with open market economics has become the only model a state could follow.”1 The Holy Grail had rarely been pursued with more passion than market-bewitched academicians brought to seeking financial capitalism’s roots in furthest antiquity.
Coders at Work by Peter Seibel
Ada Lovelace, bioinformatics, cloud computing, Conway's Game of Life, domain-specific language, fault tolerance, Fermat's Last Theorem, Firefox, George Gilder, glass ceiling, HyperCard, information retrieval, loose coupling, Menlo Park, Metcalfe's law, premature optimization, publish or perish, random walk, revision control, Richard Stallman, rolodex, Saturday Night Live, side project, slashdot, speech recognition, the scientific method, Therac-25, Turing complete, Turing machine, Turing test, type inference, Valgrind, web application
Dave Yost had done one and it didn't handle #if expressions and it didn't do expression minimization based on some of the terms being pound-defined or undefined, so I did that. And that's still out there. I think it may have made its way into Linux. I was at SGI from '85 to '92. In '92 somebody I knew at SGI had gone to MicroUnity and I was tired of SGI bloating up and acquiring companies and being overrun with politicians. So I jumped and it was to MicroUnity, which George Gilder wrote about in the '90s in Forbes ASAP as if it was going to be the next big thing. Then down the memory hole; it turned into a $200 million crater in North Sunnyvale. It was a very good learning experience. I did some work on GCC there, so I got some compiler-language hacking. I did a little editor language for MPEG2 video where you could write this crufty pseudospec language like the ISO spec or the IEC spec, and actually generate test bit streams that have all the right syntax.
Debt: The First 5,000 Years by David Graeber
Admiral Zheng, anti-communist, back-to-the-land, banks create money, Bretton Woods, British Empire, carried interest, cashless society, central bank independence, colonial rule, corporate governance, David Graeber, delayed gratification, dematerialisation, double entry bookkeeping, financial innovation, full employment, George Gilder, informal economy, invention of writing, invisible hand, Isaac Newton, joint-stock company, means of production, microcredit, money: store of value / unit of account / medium of exchange, moral hazard, oil shock, payday loans, place-making, Ponzi scheme, price stability, profit motive, reserve currency, Ronald Reagan, seigniorage, short selling, Silicon Valley, South Sea Bubble, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transatlantic slave trade, transatlantic slave trade, tulip mania, upwardly mobile, urban decay, working poor
It is no coincidence that the new phase of American debt imperialism has also been accompanied by the rise of the evangelical right, who—in defiance of almost all previously existing Christian theology—have enthusiastically embraced the doctrine of “supply-side economics,” that creating money and effectively giving it to the rich is the most Biblically appropriate way to bring about national prosperity. Perhaps the most ambitious theologian of the new creed was George Gilder, whose book Wealth and Poverty became a best-seller in 1981, at the very dawn of what came to be known as the Reagan Revolution. Gilder’s argument was that those who felt that money could not simply be created were mired in an old-fashioned, godless materialism that did not realize that just as God could create something out of nothing, His greatest gift to humanity was creativity itself, which proceeded in exactly the same way.
Robotics Revolution and Conflict in the 21st Century by P. W. Singer
agricultural Revolution, Albert Einstein, Any sufficiently advanced technology is indistinguishable from magic, Atahualpa, barriers to entry, Berlin Wall, Bill Joy: nanobots, blue-collar work, borderless world, clean water, Craig Reynolds: boids flock, cuban missile crisis, en.wikipedia.org, Ernest Rutherford, failed state, Fall of the Berlin Wall, Firefox, Francisco Pizarro, Frank Gehry, friendly fire, game design, George Gilder, Google Earth, Grace Hopper, I think there is a world market for maybe five computers, if you build it, they will come, illegal immigration, industrial robot, interchangeable parts, invention of gunpowder, invention of movable type, invention of the steam engine, Isaac Newton, Jacques de Vaucanson, job automation, Johann Wolfgang von Goethe, Law of Accelerating Returns, Mars Rover, Menlo Park, New Urbanism, pattern recognition, private military company, RAND corporation, Ray Kurzweil, RFID, robot derives from the Czech word robota Czech, meaning slave, Rodney Brooks, Ronald Reagan, Schrödinger's Cat, Silicon Valley, speech recognition, Stephen Hawking, strong AI, technological singularity, The Coming Technological Singularity, The Wisdom of Crowds, Turing test, Vernor Vinge, Wall-E, Yogi Berra
paper presented at the Military Robotics Conference, Institute for Defense and Government Advancement, Washington, DC, April 10-12, 2006. 415 “the robots will eventually succeed us” Andrew Smith, “Science 2001: Net Prophets,” Observer, December 31, 2000, 19. 415 “our machines are evolving faster” K. Eric Drexler, Engines of Creation, 1st ed. (Garden City, NY: Anchor Press/Doubleday, 1986), 171. 415 “humanity looks to me” Smith, “Science 2001: Net Prophets,” 18. 415 “In the game of life and evolution” George Gilder and Richard Vigilante, “Stop Everything . . . It’s Techno-Horror!,” American Spectator 34, no. 2 (2001): 40. 415 “a 50 percent chance of survival” Smith, “Science 2001: Net Prophets,” 18. 415 “leapingly, screamingly insane” Joel Garreau, Radical Evolution: The Promise and Peril of Enhancing Our Minds, Our Bodies—And What It Means to Be Human (New York: Doubleday, 2005), 73. 415 “Well, yeah, but I’ve decided” Smith, “Science 2001: Net Prophets,” 18. 416 “In designing software and microprocessors” Bill Joy, “Why the Future Doesn’t Need Us,” in Taking the Red Pill: Science, Philosophy and Religion in The Matrix, ed.
Aerotropolis by John D. Kasarda, Greg Lindsay
3D printing, air freight, airline deregulation, airport security, Akira Okazaki, Asian financial crisis, back-to-the-land, barriers to entry, Berlin Wall, big-box store, blood diamonds, borderless world, British Empire, call centre, carbon footprint, Clayton Christensen, cleantech, cognitive dissonance, conceptual framework, credit crunch, David Brooks, David Ricardo: comparative advantage, Deng Xiaoping, deskilling, edge city, Edward Glaeser, failed state, food miles, Ford paid five dollars a day, Frank Gehry, fudge factor, full employment, future of work, Geoffrey West, Santa Fe Institute, George Gilder, global supply chain, global village, gravity well, Haber-Bosch Process, Hernando de Soto, hive mind, if you build it, they will come, illegal immigration, inflight wifi, interchangeable parts, intermodal, invention of the telephone, inventory management, invisible hand, Jane Jacobs, Jeff Bezos, Kangaroo Route, knowledge worker, kremlinology, labour mobility, Marshall McLuhan, Masdar, McMansion, megacity, Menlo Park, microcredit, Network effects, New Economic Geography, new economy, New Urbanism, oil shale / tar sands, oil shock, peak oil, Peter Thiel, pets.com, pink-collar, pre–internet, RFID, Richard Florida, Ronald Coase, Ronald Reagan, savings glut, Seaside, Florida, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Skype, smart cities, smart grid, South China Sea, South Sea Bubble, sovereign wealth fund, special economic zone, spice trade, spinning jenny, stem cell, Steve Jobs, supply-chain management, sustainable-tourism, telepresence, the built environment, The Chicago School, The Death and Life of Great American Cities, The Nature of the Firm, thinkpad, Thomas L Friedman, Thomas Malthus, Tony Hsieh, trade route, transcontinental railway, transit-oriented development, traveling salesman, trickle-down economics, upwardly mobile, urban planning, urban renewal, urban sprawl, walkable city, white flight, Yogi Berra
Without oil, or a substitute that burns cleaner and just as brightly, the next form of cities may depend on the oxcart. In every case, as the friction posed by space has decreased, cities have become less dense and contiguous and grown more dispersed, networked, and fluid. In the Net Age, this fluidity promised (or threatened) to become extreme—in theory, those of us who make our living with computers could live anywhere. No one has preached this vision more fervently than the technologist George Gilder, whose utopia of the “telecosm” and infinite bandwidth has us scattering back into the countryside to live like Jeffersonian gentlemen-farmers, with Facebook serving as the village green. But total dispersion hasn’t come to pass, and it won’t, no matter how much bandwidth we’re able to route through our iPhones. In fact, the same technologies that were supposed to disaggregate us have only made concentration more useful.
Trust: The Social Virtue and the Creation of Prosperity by Francis Fukuyama
barriers to entry, Berlin Wall, blue-collar work, business climate, capital controls, collective bargaining, corporate governance, deindustrialization, Deng Xiaoping, deskilling, double entry bookkeeping, equal pay for equal work, European colonialism, Francis Fukuyama: the end of history, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, global village, hiring and firing, industrial robot, Jane Jacobs, job satisfaction, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, labour market flexibility, labour mobility, land reform, low skilled workers, manufacturing employment, mittelstand, price mechanism, profit maximization, RAND corporation, rent-seeking, Ronald Coase, Silicon Valley, Steve Jobs, Steve Wozniak, The Death and Life of Great American Cities, The Nature of the Firm, the scientific method, The Wealth of Nations by Adam Smith, transaction costs, transfer pricing, traveling salesman, union organizing
As the story goes, information is power, and those at the top of traditional hierarchies maintained their dominance by controlling access to information. Modern communications technologies—telephones, fax machines, copiers, cassettes, VCRs, and the centrally important networked personal computer—have broken this stranglehold on information. The result, according to information age gurus from Alvin and Heidi Toffler and George Gilder to Vice President Al Gore and House Speaker Newt Gingrich, will be a devolution of power downward to the people and a liberation of everyone from the constraints of the centralized, tyrannical organizations in which they once worked.1 Information technology has indeed contributed to many of the decentralizing and democratizing tendencies of the past generation. It has been widely remarked that the electronic media have contributed to the fall of tyrannical regimes, including the Marcos dictatorship in the Philippines and communist rule in East Germany and the former Soviet Union.2 But information age theorists argue that technology is deadly to all forms of hierarchy, including the giant corporations that employ the vast majority of American workers.
affirmative action, Affordable Care Act / Obamacare, anti-communist, Bakken shale, bank run, battle of ideas, Berlin Wall, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Climategate, Climatic Research Unit, collective bargaining, crony capitalism, David Brooks, desegregation, diversified portfolio, Donald Trump, energy security, estate planning, Fall of the Berlin Wall, George Gilder, housing crisis, hydraulic fracturing, income inequality, invisible hand, job automation, low skilled workers, market fundamentalism, Mont Pelerin Society, More Guns, Less Crime, Nate Silver, New Journalism, obamacare, Occupy movement, offshore financial centre, oil shale / tar sands, oil shock, Plutocrats, plutocrats, Ralph Nader, Renaissance Technologies, road to serfdom, Ronald Reagan, school choice, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, the scientific method, University of East Anglia, Unsafe at Any Speed, War on Poverty, working poor
Fisher would go on to found another 150 or so free-market think tanks around the world, including the Manhattan Institute in New York, to which both Scaife and other conservative philanthropists would become major contributors. The Sarah Scaife Foundation in fact for many years was the Manhattan Institute’s single largest contributor. The donations paid off, from Scaife’s viewpoint, when they helped launch the careers of the conservative social critic Murray and the supply-side economics guru George Gilder, whose arguments against welfare programs and taxes had huge impacts on ordinary Americans. Fisher’s early collaborator in founding the Manhattan Institute was William Casey, the Wall Street financier and future director of the CIA. The early think tank was not a spy operation, but it was funded by wealthy men who had no objections to using pretexts and disinformation in the service of what they regarded as a noble cause.
Den of Thieves by James B. Stewart
discounted cash flows, diversified portfolio, fudge factor, George Gilder, index arbitrage, Internet Archive, margin call, Ponzi scheme, rolodex, Ronald Reagan, shareholder value, South Sea Bubble, The Predators' Ball, walking around money, zero-coupon bond
So far, he has provided incriminating information about James Dahl, Terren Peizer, and David Solomon—all of whom testified against him and have immunity. Prosecutors are despairing that any further cooperation from Milken will prove of substantial value to law enforcement. Much of Milken's time apparently is spent pondering how to influence history's verdict. Lorraine Spurge is now president of an organization, "Working for the American Dream," whose purpose is to burnish Milken's image. Board members include Milken apologists George Gilder, the economist; Peter Magowan, chairman of Safeway; and Jude Wanniski, a commentator. The book about Milken's clients that so troubled Robinson, Lake's employees was finally published in June 1991 as Portraits of the American Dream. Spurge and her organization have written letters seeking financial contributions to the Milken cause. "People like Michael Milken are living proof that compassion not greed dominated the decade," one such letter says.