George Gilder

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pages: 209 words: 53,236

The Scandal of Money by George Gilder

Affordable Care Act / Obamacare, bank run, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, Claude Shannon: information theory, Clayton Christensen, cloud computing, corporate governance, cryptocurrency, currency manipulation / currency intervention, Daniel Kahneman / Amos Tversky, Deng Xiaoping, disintermediation, Donald Trump, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, glass ceiling, Home mortgage interest deduction, index fund, indoor plumbing, industrial robot, inflation targeting, informal economy, Innovator's Dilemma, Internet of things, invisible hand, Isaac Newton, Jeff Bezos, John von Neumann, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, Law of Accelerating Returns, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, money: store of value / unit of account / medium of exchange, mortgage tax deduction, obamacare, Paul Samuelson, Peter Thiel, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, quantitative trading / quantitative finance, Ray Kurzweil, reserve currency, road to serfdom, Robert Gordon, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Satoshi Nakamoto, Search for Extraterrestrial Intelligence, secular stagnation, seigniorage, Silicon Valley, smart grid, South China Sea, special drawing rights, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, time value of money, too big to fail, transaction costs, trickle-down economics, Turing machine, winner-take-all economy, yield curve, zero-sum game

Miles, “The Fed’s Zero Interest Rate Policies Amount to a War on Jobs,” Forbes, June 4, 2013, http://www.forbes.com/sites/realspin/2013/06/04/the-feds-zero-interest-rate-policies-amount-to-a-war-on-jobs/#2715e4857a0b72333a807421. 7.David Malpass, “Pro-Growth Tools for the Frozen Fed,” Wall Street Journal, October 6, 2015. CHAPTER 12: WALL STREET SELLS ITS SOUL 1.Mike Konczal, “The Devastating Lifelong Consequences of Student Debt,” New Republic, June 24, 2014. See also Bill Walton, On Common Ground, interview with George Gilder. 2.Peter Thiel with Blake Masters, Zero to One: Notes on Startups, or How to Build the Future (New York, NY: Crown Business, 2014), 89–90; and George Gilder, Knowledge and Power: The Information Theory of Capitalism and How It Is Revolutionizing Our World (Washington, DC: Regnery Publishing, 2013), 29–33. The figures on jobs contribution from venture capital vary from 11 percent to 17 percent, but since the epochs of slavery and socialism all jobs have stemmed from the process of knowledge accumulation and learning, which is the focus of venture investment. 3.Charles Gave, “Indexation=Parasitism,” GavekalDragonomics (Hong Kong: Gavekal Research, July 15, 2014), 1. 4.John C.

Copyright © 2016 by George Gilder All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechani-cal, including photocopy, recording, or any information storage and retrieval system now known or to be invented, without permission in writing from the publisher, except by a reviewer who wishes to quote brief passages in connection with a review written for inclu-sion in a magazine, newspaper, website, or broadcast. Regnery® is a registered trademark of Salem Communications Holding Corporation First e-book edition 2016: 978-1-62157-566-5 Originally published in hardcover, 2016 Cataloging-in-Publication data on file with the Library of Congress Published in the United States by Regnery Publishing A Division of Salem Media Group 300 New Jersey Ave NW Washington, DC 20001 www.Regnery.com Manufactured in the United States of America 10 9 8 7 6 5 4 3 2 1 Books are available in quantity for promotional or premium use.

See also Kyle Smith, “The Hard Untruths of Ta-Nehisi Coates: A Bestselling Polemic Riven with Hatred Thrills the Liberal Elite,” Commentary, October 2015, pp. 20–25. 6.Yuval Levin, “The Mobility Crisis,” Commentary, March 2015, pp. 12–20. 7.Kwasi Kwarteng, War and Gold: A 500-Year History of Empires, Adventures, and Debt (New York, NY: PublicAffairs, 2014), 219–20. 8.Peter Thiel with Blake Masters, Zero to One: Notes on Startups, or How to Build the Future (New York, NY: Crown Business, 2014), 5–11 and passim. CHAPTER 2: JUSTICE BEFORE GROWTH 1.George Gilder, Knowledge and Power: The Information Theory of Capitalism and How It Is Revolutionizing Our World (Washington, DC: Regnery Publishing, 2013). See also Cesar Hidalgo, Why Information Grows: The Evolution of Order from Atoms to Economics (New York, NY: Basic Books, 2015). The MIT scholar offers a similar information theory of capitalism, with many ingenious refinements, that nonetheless goes astray from my point of view by identifying information with order.


pages: 268 words: 74,724

Who Needs the Fed?: What Taylor Swift, Uber, and Robots Tell Us About Money, Credit, and Why We Should Abolish America's Central Bank by John Tamny

Airbnb, bank run, Bernie Madoff, bitcoin, Bretton Woods, buy and hold, Carmen Reinhart, corporate raider, correlation does not imply causation, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, Donald Trump, Downton Abbey, fiat currency, financial innovation, Fractional reserve banking, full employment, George Gilder, Home mortgage interest deduction, Jeff Bezos, job automation, Joseph Schumpeter, Kenneth Rogoff, Kickstarter, liquidity trap, Mark Zuckerberg, market bubble, money market fund, moral hazard, mortgage tax deduction, NetJets, offshore financial centre, oil shock, peak oil, Peter Thiel, price stability, profit motive, quantitative easing, race to the bottom, Ronald Reagan, self-driving car, sharing economy, Silicon Valley, Silicon Valley startup, Steve Jobs, The Wealth of Nations by Adam Smith, too big to fail, Travis Kalanick, Uber for X, War on Poverty, yield curve

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.


pages: 339 words: 57,031

From Counterculture to Cyberculture: Stewart Brand, the Whole Earth Network, and the Rise of Digital Utopianism by Fred Turner

1960s counterculture, A Declaration of the Independence of Cyberspace, Apple's 1984 Super Bowl advert, back-to-the-land, bioinformatics, Buckminster Fuller, business cycle, Claude Shannon: information theory, complexity theory, computer age, conceptual framework, Danny Hillis, dematerialisation, distributed generation, Douglas Engelbart, Douglas Engelbart, Dynabook, Electric Kool-Aid Acid Test, 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 Markoff, John von Neumann, Kevin Kelly, knowledge economy, knowledge worker, market bubble, Marshall McLuhan, mass immigration, means of production, Menlo Park, Mitch Kapor, Mother of all demos, new economy, Norbert Wiener, peer-to-peer, post-industrial society, postindustrial economy, Productivity paradox, QWERTY keyboard, Ralph Waldo Emerson, RAND corporation, Richard Stallman, Robert Shiller, Robert Shiller, Ronald Reagan, Shoshana Zuboff, 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, The Hackers Conference, 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.”


pages: 494 words: 142,285

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, commoditize, computer age, creative destruction, dark matter, disintermediation, disruptive innovation, Donald Davies, 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, Kenneth Arrow, Larry Wall, Leonard Kleinrock, linked data, Marc Andreessen, Menlo Park, Mitch Kapor, Network effects, new economy, packet switching, peer-to-peer, peer-to-peer model, price mechanism, profit maximization, RAND corporation, rent control, rent-seeking, RFC: Request For Comment, Richard Stallman, Richard Thaler, Robert Bork, 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, zero-sum game

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.


pages: 274 words: 60,596

Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School by Andrew Hallam

Albert Einstein, asset allocation, Bernie Madoff, buy and hold, diversified portfolio, financial independence, George Gilder, index fund, Long Term Capital Management, new economy, passive investing, Paul Samuelson, Ponzi scheme, pre–internet, price stability, random walk, risk tolerance, Silicon Valley, South China Sea, stocks for the long run, survivorship bias, transaction costs, Vanguard fund, yield curve

We purchased an investment newsletter subscription called the Gilder Technology Report, <www.gildertech.com/> published by a guy named George Gilder. Unbelievably, he is still in business. A quick online search today reveals a website that exhorts his stock picks, claiming his portfolio returned 155 percent during the past three years, and that if you buy now, you’ll pay just $199 for the 12-month online subscription to his newsletter. If you’re falling for that promotional garbage, I have a story for you.5 Back in 1999, we were convinced that George Guilder held the keys to the kingdom of wealth. Unfortunately for us, he was the king of pain. Today, if George Gilder reported his 11-year track record online (instead of trying to tempt investors with an unaudited three-year historical return) he would have a stampede of exiters. His stock picks have been abysmal for his followers. We bought the George Gilder technology report in 1999 and we put real money down on his suggestions.

We bought the George Gilder technology report in 1999 and we put real money down on his suggestions. I’m just hoping my investment club buddies don’t read this book and learn that George Gilder is still hawking his promises of wealth. They’d probably want to send him down a river in a barrel. Back in Chapter 4, I showed you a chart of technology companies and how far their share prices fell from 2000 to 2002. In 2000, whose investment report recommended purchasing Nortel Networks <www.nortel.com>, Lucent Technologies <www.alcatel-lucent.com/wps/portal?COUNTRY_CODE=US&COOKIE_SET=false>, JDS Uniphase <www.jdsu.com/en-us/Pages/Home.aspx> and Cisco Systems <www.cisco.com/>? You guessed it: George Gilder’s. Table 8.1 puts the reality in perspective. If you had a total of $40,000 invested in the above four “Gilder-touted” businesses in 2000, it would have dropped to $1,140 by 2002.

. $10,000 $100 JDS Uniphase $10,000 $50 Lucent Technologies $10,000 $70 Nortel Networks $10,000 $30 <Priceline.com> $10,000 $60 Yahoo! $10,000 $360 And how much would your investment have to gain to get back to $40,000? In percentage terms, it would need to grow 3,400 percent. Wow—wouldn’t that be a headline for the Gilder Technology Report today? “Since 2002, our stock picks have made 3,400 percent” If that really happened, George Gilder would be advertising those numbers on his site rather than showcasing a measly return of 155 percent over the past three years. George Gilder’s stock picks have tossed investors into the Grand Canyon and he’s bragging that his investors have scaled back about 50 feet. He could tell the truth about his real stock-picking prowess, but then he couldn’t fool newsletter subscribers looking for keys to easy wealth. There are no keys to easy wealth—so don’t be fooled by advertised claims.


pages: 590 words: 153,208

Wealth and Poverty: A New Edition for the Twenty-First Century by George Gilder

"Robert Solow", affirmative action, Albert Einstein, Bernie Madoff, British Empire, business cycle, capital controls, cleantech, cloud computing, collateralized debt obligation, creative destruction, 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, Gunnar Myrdal, 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, longitudinal study, margin call, Mark Zuckerberg, means of production, medical malpractice, minimum wage unemployment, money market fund, 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, Paul Samuelson, 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, zero-sum game

., 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.”


pages: 306 words: 78,893

After the New Economy: The Binge . . . And the Hangover That Won't Go Away by Doug Henwood

"Robert Solow", accounting loophole / creative accounting, affirmative action, Asian financial crisis, barriers to entry, borderless world, Branko Milanovic, Bretton Woods, business cycle, capital controls, corporate governance, corporate raider, 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, intangible asset, 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, post-work, 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, zero-sum game

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.


pages: 165 words: 47,193

The End of Work: Why Your Passion Can Become Your Job by John Tamny

Albert Einstein, Andy Kessler, asset allocation, barriers to entry, basic income, Bernie Sanders, cloud computing, commoditize, David Ricardo: comparative advantage, Downton Abbey, future of work, George Gilder, haute cuisine, income inequality, Jeff Bezos, knowledge economy, Mark Zuckerberg, Peter Thiel, profit motive, Saturday Night Live, Silicon Valley, Stephen Hawking, Steve Ballmer, Steve Jobs, There's no reason for any individual to have a computer in his home - Ken Olsen, trickle-down economics, universal basic income, upwardly mobile, Yogi Berra

And while there are many fathers of Japan’s economic slowdown since the eighties, that country’s experience is a reminder that the role of education in driving prosperity is grossly overrated. Just ask Jack Ma, a hapless Chinese student who failed his university entrance exams. Fortunately for him, he was turned down for every job he applied for—even at Kentucky Fried Chicken53—so he founded Alibaba, the Amazon of the Orient, and is now worth billions. In his classic book Wealth and Poverty, George Gilder notes that while education and credentials are most important in government, “elsewhere most skills are learned on the job.”54 It’s not that people should avoid education, but education has little to do with success in the working world. It’s said that we live in a “knowledge economy,” but most people don’t understand what that means. Precisely because the economy is evolving faster and faster, classroom teaching can’t keep up.

The estate tax yielded $20 billion for the U.S. Treasury in 2003.32 That’s a small number relative to the economy as a whole, but it looms large when we consider what entrepreneurs might have achieved with even a fraction of that $20 billion. How much entrepreneurial experimentation was lost? How many information-rich failures never happened? Taxes on wealth, like government spending, are blinders on the economy. The visionary George Gilder explains in his brilliant book Knowledge and Power that the “key to economic growth is not acquisition of things by the pursuit of monetary awards but the expansion of wealth through learning and discovery.”33 Gilder’s essential point is that information, attained through risky entrepreneurial leaps and the unexpected, is the source of economic progress. The greatest drivers of modern prosperity—from the railroad, to the telephone, to the car, to the computer, to the jet, to the Internet (not to mention the medical advances that have doubled our life expectancy)—were all surprises.

., 102. 44.Mary Tradii, “Michael Dell,” Encyclopedia.com, 2005, http://www.encyclopedia.com/topic/Michael_Dell.aspx. 45.David McCullough, The Wright Brothers (New York: Simon & Schuster, 2015), 35. 46.Brian Grazer and Charles Fishman, A Curious Mind: The Secret to a Bigger Life (New York: Simon & Schuster, 2015), 19. 47.Alexandra Wolfe, “Weekend Confidential: Peter Berg,” Wall Street Journal, December 31, 2016–January 1, 2017. 48.Robyn Meredith, The Elephant and the Dragon: The Rise of India and China and What It Means for All of Us (New York: Norton, 2007), 34. 49.Paul E. Peterson and Eric A. Hamushek, “The Vital Link of Education and Prosperity,” Wall Street Journal, September 11, 2013. 50.Nicholas Kristof, “The Educated Giant,” New York Times, May 28, 2007. 51.Fox Butterfield, China: Alive in the Bitter Sea (New York: Times Books, 1982). 52.Ibid. 53.Tom Nagorski, “The Chutzpah of Jack Ma,” Wall Street Journal, April 9–10, 2016. 54.George Gilder, Wealth and Poverty (New York: Basic Books, 1981), 99. Chapter Four: What Was Once Silly Is Now Serious 1.Sam Kasner, “Both Huntress and Prey,” Vanity Fair, November 2014. 2.Grant Achatz and Nick Kokonas, Life, on the Line (New York: Gotham Books, 2011), 4. 3.Danny Meyer, Setting the Table: The Transforming Power of Hospitality in Business (New York: Harper, 2008), paperback edition, 10. 4.Ibid., 9. 5.Ibid., 6–7. 6.Ibid., 20–21. 7.Ibid., 22. 8.Ibid.,. 26–29. 9.Ibid., 29. 10.Ibid., 30. 11.Ibid., 1–2. 12.Ibid., 35. 13.Ibid., 35. 14.Alexandra Wolfe, “Weekend Confidential: Wolfgang Puck,” Wall Street Journal, March 26–27, 2016. 15.Ibid. 16.Achatz and Kokonas, Life, on the Line, 23. 17.Ibid., 27. 18.Ibid., 39. 19.Ibid., 288. 20.Ibid.,324. 21.Charles Passy, “Here’s the Coffee You Ordered!


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Consumed: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole by Benjamin R. Barber

addicted to oil, AltaVista, American ideology, Berlin Wall, Bertrand Russell: In Praise of Idleness, Bill Gates: Altair 8800, business cycle, Celebration, Florida, collective bargaining, creative destruction, David Brooks, delayed gratification, Donald Trump, double entry bookkeeping, G4S, game design, George Gilder, Gordon Gekko, greed is good, Hernando de Soto, illegal immigration, informal economy, invisible hand, Joseph Schumpeter, laissez-faire capitalism, late capitalism, liberal capitalism, Marc Andreessen, McJob, microcredit, Naomi Klein, new economy, New Journalism, Norbert Wiener, nuclear winter, Panopticon Jeremy Bentham, pattern recognition, presumed consent, profit motive, race to the bottom, Ralph Nader, road to serfdom, Robert Bork, Ronald Reagan, Saturday Night Live, Silicon Valley, spice trade, Steve Jobs, telemarketer, The Fortune at the Bottom of the Pyramid, the market place, The Wisdom of Crowds, Thomas L Friedman, Thorstein Veblen, trade route, X Prize

This leads Kansas conservatives to gloat “when celebrities say stupid things” and to “cheer when movie stars go to jail” and in general to scream “for the heads of the liberal elite,” but then come election time “vote to cut all those rock stars’ taxes.”11 There are a few neo-Puritan romantics who go Brooks one better and actually try to keep alive the direct connection between Protestant virtue and the superannuated capitalism of yesteryear. There is perhaps no more touching, certainly no more atavistically compelling figure in recent times than George Gilder, who between stints in the 1960s as a critic of feminism and today as a champion of futuristic digital technology, managed in the early 1980s to seize on and romanticize the radical supply-side fervor of neoliberals such as David Stockman and Jack Kemp. Just as their libertarian doctrines were being put into grandiose rhetoric if not actual practice by President Ronald Reagan and Prime Minister Margaret Thatcher, Gilder wrote a book aimed at capturing what he was pleased to call “the high adventure and redemptive morality of capitalism.”12 In his Wealth and Poverty, far from abjuring Weber’s thesis, he ups the ante, gilding Weber’s dispassionate language of capitalist rationality with an ardent rhetoric of creativity, risk taking, and entrepreneurial epiphany.

But Weber’s alternative prophecy about modern capitalism as likely to grow into “mechanized petrification, embellished with a sort of convulsive self-importance” seems more accurate.23 Weber’s shortcoming was that he failed to foresee (or thought it presumptuous and unscientific to pretend to be able to foresee) that modern capitalism, in its “convulsive self-importance,” although it initially allowed itself to be stripped of its religious and ethical importance, would in time generate a new ethos. This ethos would be made up in equal parts of an ethic of infantilized consumers and a theology of infantilized true believers. We need only revisit the rash of television entrepreneurs and business-school gurus over the last decade or two to find a tribe of preachers who, far from abandoning the language of ethics, imitate George Gilder and David Brooks and reinvent it. They draw absurdist parodies of self-rationalizing solipsism and turn them into a new capitalist ethic. Ayn Rand’s great libertarian egoist Howard Roark, who in The Fountainhead famously declared “I came here today to say that I do not recognize anyone’s right to one minute of my life…that I am a man who does not exist for others,”24 is a rather mild solipsist compared with the moralizing egotists of the new capitalism.

Only to get rich quick (or have a hell of a good time failing to get rich) by breaking with the past, smashing feudal conservatism, stirring imagination, and provoking inventiveness; only to dream dreams and embark on enlivening journeys, even if they lead as often to disaster as to discovery; only to fashion machines and uncover resources which, although they themselves too often squander them, in time become the basis for future capital accumulation and the building of a rational edifice of prosperity. It is protocapitalist men of this sort that George Gilder seems to be celebrating when he prefers risk-taking modern entrepreneurs to Weber’s prudent accountants, whose risk taking is always filtered by calculation. The conservative English philosopher Michael Oakeshott once described this fascinating and trustless tribe who brokered the transition from feudalism to commercial society as “younger sons making their own way in a world which had little place for them…footloose adventurers who left the land to take to trade…town-dwellers who emancipated themselves from the communal ties of the countryside…vagabond scholars.”45 These ragged explorers, uprooted from hearth, home, and comfortable country manse, breaking with the mores of a conservative landed society, were not capitalists, not even traders; but without them, prudent investment and rational management and hence capitalist accumulation and market exchange would not have been possible.


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Wall Street Meat by Andy Kessler

accounting loophole / creative accounting, Andy Kessler, automated trading system, banking crisis, Bob Noyce, George Gilder, index fund, Jeff Bezos, market bubble, Menlo Park, Pepto Bismol, pets.com, Robert Metcalfe, rolodex, Sand Hill Road, Silicon Valley, Small Order Execution System, Steve Jobs, technology bubble, undersea cable, 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.


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The Politics of Bitcoin: Software as Right-Wing Extremism by David Golumbia

3D printing, A Declaration of the Independence of Cyberspace, Affordable Care Act / Obamacare, bitcoin, blockchain, Burning Man, crony capitalism, cryptocurrency, currency peg, distributed ledger, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, Extropian, fiat currency, Fractional reserve banking, George Gilder, jimmy wales, litecoin, Marc Andreessen, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, new economy, obamacare, Peter Thiel, Philip Mirowski, risk tolerance, Ronald Reagan, Satoshi Nakamoto, seigniorage, Silicon Valley, Singularitarianism, smart contracts, Stewart Brand, technoutopianism, The Chicago School, Travis Kalanick, WikiLeaks

Instead, and at least sometimes without explicitly knowing it, they accept definitions of certain fundamental terms that come from the political right, especially when digital technologies are at issue. The most important of these redefined terms that occur repeatedly in discussions of Bitcoin are “freedom” and “government,” both of which are central to all cyberlibertarian and political libertarian rhetoric. Referring to the 1994 manifesto “Cyberspace and the American Dream: A Magna Carta for the Knowledge Age” by Esther Dyson, George Gilder, George Keyworth, and Alvin Toffler, Winner (1997, 16) writes: Characteristic of this way of thinking is a tendency to conflate the activities of freedom-seeking individuals with the operations of enormous, profit-seeking business firms. In the “Magna Carta for the Knowledge Age,” concepts of rights, freedoms, access, and ownership justified as appropriate to individuals are marshaled to support the machinations of enormous transnational firms.

“Bitcoin 2.0: It’s the Platform, Not the Currency, Stupid!” SlideShare. http://www.slideshare.net/patricksavalle/. DuPont, Quinn. 2014. “The Politics of Cryptography: Bitcoin and the Ordering Machines.” Journal of Peer Production 4 (January). http://peerproduction.net/. DuPont, Quinn, and Bill Maurer. 2015. “Ledgers and Law in the Blockchain.” King’s Review (June 23). http://kingsreview.co.uk/. Dyson, Esther, George Gilder, George Keyworth, and Alvin Toffler. 1994. “Cyberspace and the American Dream: A Magna Carta for the Knowledge Age.” Future Insight (August). http://www.pff.org/. Emery, Joel, and Miranda Stewart. 2015. “All around the World, Regulators Are Realizing Bitcoin Is Money.” The Conversation (August 11). http://theconversation.com/. Epperson, A. Ralph. 1985. The Unseen Hand: An Introduction to the Conspiratorial View of History.


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Eat People: And Other Unapologetic Rules for Game-Changing Entrepreneurs by Andy Kessler

23andMe, Andy Kessler, bank run, barriers to entry, Berlin Wall, Bob Noyce, British Empire, business cycle, business process, California gold rush, carbon footprint, Cass Sunstein, cloud computing, collateralized debt obligation, collective bargaining, commoditize, computer age, creative destruction, disintermediation, Douglas Engelbart, 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, Kickstarter, 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, wealth creators, 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.


Convergence Culture: Where Old and New Media Collide by Henry Jenkins

barriers to entry, Cass Sunstein, citizen journalism, collective bargaining, Columbine, deskilling, Donald Trump, game design, George Gilder, global village, Howard Rheingold, informal economy, means of production, moral panic, new economy, profit motive, Robert Metcalfe, Saturday Night Live, slashdot, Steven Pinker, the market place, Y Combinator

M e d i a barons of today w i l l be grasping to hold onto their centralized empires tomorrow. . . . The combined forces of technology and human nature w i l l ultimately take a stronger hand i n plurality than any laws Congress can invent." Sometimes, the new media companies spoke about convergence, but by this term, they seemed to mean that o l d media w o u l d be absorbed fully and completely into the orbit of the emerging technologies. George Gilder, another digital revolutionary, dismissed such claims: "The computer industry is converging w i t h the television industry i n the same sense that the automobile converged w i t h the horse, the T V converged w i t h the nickelodeon, the word-processing program converged w i t h the typewriter, the C A D program converged w i t h the drafting board, and 3 4 Skenovano pro studijni ucely 5 6 Introduction digital desktop publishing converged w i t h the linotype machine and the letterpress."

The biggest change may be the shift from individualized and personalized media consumption toward consumption as a networked practice. Personalized media was one of the ideals of the digital revolution i n the early 1990s: digital media was going to "liberate" us from the "tyra n n y " of mass media, allowing us to consume only content we found personally meaningful. Conservative ideologue turned digital theorist George Gilder argued that the intrinsic properties of the computer pushed toward ever more decentralization and personalization. C o m pared to the one-size-fits-all diet of the broadcast networks, the com10 Skenovâno pro studijni uCely Conclusion ing media age w o u l d be a "feast of niches and specialties." A n era of customized and interactive content, he argues, w o u l d appeal to our highest ambitions and not our lowest, as we enter "a new age of i n d i v i d u a l i s m . " Consider Gilder's ideal of "first choice m e d i a " was yet another model for h o w we might democratize television.

Preserving the Past i n a Digital E r a , " American Historical Review 108 (June 2003). 2. " R S T R L to Premier on C e l l Phone," I n d i a F M N e w s Bureau, December 6, 2004, h t t p : / / w w w . i n d i a f m . c o m / s c o o p / 0 4 / d e c / 0 6 1 2 r s t r l c e l l / i n d e x . s h t m l . 3. Nicholas Negroponte, Being Digital ( N e w York: A l f r e d A . K n o p f , 1995), p. 54. 4. Ibid., p p . 57-58. 5. George Gilder, " A f t e r w o r d : The Computer Juggernaut: Life after Life after Television," added to the 1994 edition of Life after Television: The Coming Transformation of Media and American Life (New York: W. W. Norton), p. 189. The book was originally published i n 1990. 6. Ithiel de Sola P o o l , Technologies of Freedom: On Free Speech in an Electronic Age (Cambridge, Mass.: H a r v a r d University Press, 1983), p . 23. 7.


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The People's Platform: Taking Back Power and Culture in the Digital Age by Astra Taylor

A Declaration of the Independence of Cyberspace, American Legislative Exchange Council, 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, creative destruction, 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, John Markoff, Julian Assange, Kevin Kelly, Kickstarter, knowledge worker, Mark Zuckerberg, means of production, Metcalfe’s law, Naomi Klein, Narrative Science, Network effects, new economy, New Journalism, New Urbanism, Nicholas Carr, oil rush, peer-to-peer, Peter Thiel, plutocrats, Plutocrats, post-work, 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.


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The Age of Spiritual Machines: When Computers Exceed Human Intelligence by Ray Kurzweil

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, Everything should be made as simple as possible, 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, John Markoff, John von Neumann, Lao Tzu, Law of Accelerating Returns, mandelbrot fractal, Marshall McLuhan, Menlo Park, natural language processing, Norbert Wiener, optical character recognition, ought to be enough for anybody, pattern recognition, phenotype, Ralph Waldo Emerson, Ray Kurzweil, Richard Feynman, Robert Metcalfe, Schrödinger's Cat, Search for Extraterrestrial Intelligence, self-driving car, Silicon Valley, social intelligence, speech recognition, Steven Pinker, Stewart Brand, stochastic process, technological singularity, Ted Kaczynski, telepresence, the medium is the message, There's no reason for any individual to have a computer in his home - Ken Olsen, 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.


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Joel on Software by Joel Spolsky

AltaVista, barriers to entry, c2.com, commoditize, George Gilder, index card, Jeff Bezos, knowledge worker, Metcalfe's law, Mitch Kapor, 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.


pages: 399 words: 116,828

When Work Disappears: The World of the New Urban Poor by William Julius Wilson

affirmative action, business cycle, citizen journalism, collective bargaining, conceptual framework, declining real wages, deindustrialization, deliberate practice, desegregation, Donald Trump, edge city, ending welfare as we know it, fixed income, full employment, George Gilder, ghettoisation, glass ceiling, Gunnar Myrdal, income inequality, informal economy, jobless men, labor-force participation, longitudinal study, low skilled workers, low-wage service sector, manufacturing employment, mass immigration, 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.


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Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin

1960s counterculture, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, commoditize, creative destruction, crony capitalism, crowdsourcing, data is the new oil, David Brooks, David Graeber, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, future of journalism, future of work, George Akerlof, George Gilder, Google bus, Hacker Ethic, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, life extension, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Mother of all demos, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, Paul Graham, paypal mafia, Peter Thiel, plutocrats, Plutocrats, pre–internet, Ray Kurzweil, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Ross Ulbricht, Sam Altman, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, smart grid, Snapchat, software is eating the world, Steve Jobs, Stewart Brand, technoutopianism, The Chicago School, The Market for Lemons, The Rise and Fall of American Growth, Tim Cook: Apple, trade route, transfer pricing, Travis Kalanick, trickle-down economics, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator

If a company could sponsor an online community and if it could convince its customers that they were engaging in social rather than economic activity, then they could increase customer allegiance and their own profits. From this insight flowed the Global Business Network. Forget going back to the land—there was gold in preaching that Whole Earth message in the suites of the Fortune 500. The corporate conquest of the Web had started. CHAPTER FOUR The Libertarian Counterinsurgency We are in a deadly race between politics and technology. —Peter Thiel 1. George Gilder was down on his luck. Sweating like a pig in a humid office with a broken air conditioner, he was working in 1972 for Ben Toledano, a failed candidate for mayor of New Orleans who believed he could become Louisiana’s next senator. Gilder—thirty-three, a graduate of Exeter and Harvard, and a speechwriter for Nelson Rockefeller and Richard Nixon—was toiling for beer money with a second-rate candidate who had no more chance of becoming senator than he had of becoming mayor.

(On the rare occasions when he lost in college, he swept the pieces off the board; he would say, “Show me a good loser and I’ll show you a loser.”) As a teenager, his favorite book was The Lord of the Rings, which he read again and again. Later came Solzhenitsyn and Rand. Like Gilder, Thiel was outraged by feminism. By the time he showed up as an undergraduate at Stanford, his ideas on the subject were very close to Gilder’s. Years later, Gilder returned the compliment, as Forbes columnist Ralph Benko noted: “When George Gilder, arguably the smartest man in the world, says, as he said to me over dinner recently in Washington, DC, that Peter Thiel is the smartest man in the world… pay attention.” In a speech, Thiel later explained why he formed the Stanford Review: to fight feminism and political correctness on campus. He later made an outrageous statement on the Cato Institute website: “Since 1920, the vast increase in welfare beneficiaries and the extension of the franchise to women—two constituencies that are notoriously tough for libertarians—have rendered the notion of ‘capitalist democracy’ into an oxymoron.”


pages: 468 words: 123,823

A People's History of Poverty in America by Stephen Pimpare

"Robert Solow", 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, hedonic treadmill, hiring and firing, Howard Zinn, illegal immigration, impulse control, income inequality, index card, Jane Jacobs, low skilled workers, Mahatma Gandhi, mass incarceration, meta analysis, meta-analysis, moral panic, 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 [1994]). 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 [1993]), 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.


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Digital Disconnect: How Capitalism Is Turning the Internet Against Democracy by Robert W. McChesney

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, access to a mobile phone, Albert Einstein, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, Automated Insights, barriers to entry, Berlin Wall, business cycle, Cass Sunstein, citizen journalism, cloud computing, collaborative consumption, collective bargaining, creative destruction, crony capitalism, David Brooks, death of newspapers, declining real wages, Double Irish / Dutch Sandwich, Erik Brynjolfsson, failed state, Filter Bubble, full employment, future of journalism, George Gilder, Gini coefficient, Google Earth, income inequality, informal economy, intangible asset, invention of agriculture, invisible hand, Jaron Lanier, Jeff Bezos, jimmy wales, John Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Julian Assange, Kickstarter, Mark Zuckerberg, Marshall McLuhan, means of production, Metcalfe’s law, mutually assured destruction, national security letter, Nelson Mandela, Network effects, new economy, New Journalism, Nicholas Carr, Occupy movement, offshore financial centre, patent troll, Peter Thiel, plutocrats, Plutocrats, post scarcity, price mechanism, profit maximization, profit motive, QWERTY keyboard, Ralph Nader, Richard Stallman, road to serfdom, Robert Metcalfe, Saturday Night Live, sentiment analysis, Silicon Valley, single-payer health, Skype, spectrum auction, Steve Jobs, Steve Wozniak, Steven Levy, Steven Pinker, Stewart Brand, Telecommunications Act of 1996, the medium is the message, The Spirit Level, The Structural Transformation of the Public Sphere, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, Upton Sinclair, WikiLeaks, winner-take-all economy, yellow journalism

There was hope, something that is awfully hard to muster nowadays. That paradox prompts this book, which attempts to connect the digital revolution—arguably the most extraordinary and important development of the past half century—to the overriding crises of our times. I began writing this book twenty years ago, in 1992. I was putting the finishing touches on my first book and was about to put it in the mail when I read a review of George Gilder’s Life After Television in the Financial Times. Gilder argued that the Internet was in the process of eliminating broadcasting as we knew it. The Internet would also eliminate all traditional concerns about media monopoly and commercialism and terminate the need for policy making. Just let the market do its thing and witness the greatest democratic communication revolution ever. Because my first book dealt with the policy battles that led to the entrenchment of commercial broadcasting in the United States, I felt compelled to add an endnote concerning Gilder’s argument.

This research is necessary and can have considerable value—I cite some of it herein—but it is not asking the central questions, so it is not set up to produce the answers we need. For the big questions, the way to start is by reviewing the body of work produced by public intellectuals and scholars from a wide range of disciplines that has assessed the Internet over the past two decades, attempting to locate it in a broad historical perspective. Going back to the early 1990s—from George Gilder’s Life after Television and Nicholas Negroponte’s Being Digital to Clifford Stoll’s Silicon Snake Oil and Lawrence Lessig’s Code and Other Laws of Cyberspace, numerous writers have provided their assessment of the digital revolution. As one might expect, some of this material ages well, and some of it now seems ridiculous. The amount has increased, perhaps exponentially, in the past decade, becoming a veritable publishing genre.

There was also an element of arrogance among hackers, who tended to believe that no matter what the corporate guys cooked up, they would be able to circumvent it. The revolutionary nature of the technology could trump the monopolizing force of the market. This might help explain the 1990s alliance of sorts forged between some prominent counterculture types who embraced the Internet, like Stewart Brand, John Perry Barlow, and Esther Dyson, with free-market ideologues and techno-enthusiasts, like George Gilder and Newt Gingrich.41 Third, even in the context of a corporation-dominated polity, the political culture of the 1990s was close to an all-time high for procapitalist sentiment and close to an all-time low for notions of public service or regulation. The notions of public goods and regulation in the public interest were suspect, if not ridiculed. The digital revolution exploded at precisely the moment that what is commonly known as neoliberalism was in ascendance, its flowery rhetoric concerning “free markets” most redolent.


pages: 464 words: 127,283

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, digital map, Donald Davies, 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, Jane Jacobs, jitney, John Snow's cholera map, Joi Ito, Khan Academy, Kibera, Kickstarter, knowledge worker, load shedding, M-Pesa, Mark Zuckerberg, megacity, mobile money, mutually assured destruction, new economy, New Urbanism, Norbert Wiener, Occupy movement, off grid, openstreetmap, packet switching, Panopticon Jeremy Bentham, Parag Khanna, patent troll, Pearl River Delta, 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 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, undersea cable, 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.


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Surveillance Valley: The Rise of the Military-Digital Complex by Yasha Levine

23andMe, activist fund / activist shareholder / activist investor, Airbnb, AltaVista, Amazon Web Services, Anne Wojcicki, anti-communist, Apple's 1984 Super Bowl advert, bitcoin, borderless world, British Empire, call centre, Chelsea Manning, cloud computing, collaborative editing, colonial rule, computer age, computerized markets, corporate governance, crowdsourcing, cryptocurrency, digital map, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, drone strike, Edward Snowden, El Camino Real, Electric Kool-Aid Acid Test, Elon Musk, fault tolerance, George Gilder, ghettoisation, global village, Google Chrome, Google Earth, Google Hangouts, Howard Zinn, hypertext link, IBM and the Holocaust, index card, Jacob Appelbaum, Jeff Bezos, jimmy wales, John Markoff, John von Neumann, Julian Assange, Kevin Kelly, Kickstarter, life extension, Lyft, Mark Zuckerberg, market bubble, Menlo Park, Mitch Kapor, natural language processing, Network effects, new economy, Norbert Wiener, packet switching, PageRank, Paul Buchheit, peer-to-peer, Peter Thiel, Philip Mirowski, plutocrats, Plutocrats, private military company, RAND corporation, Ronald Reagan, Ross Ulbricht, Satoshi Nakamoto, self-driving car, sentiment analysis, shareholder value, side project, Silicon Valley, Silicon Valley startup, Skype, slashdot, Snapchat, speech recognition, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, Telecommunications Act of 1996, telepresence, telepresence robot, The Bell Curve by Richard Herrnstein and Charles Murray, The Hackers Conference, uber lyft, Whole Earth Catalog, Whole Earth Review, WikiLeaks

The mighty tumble, the once confident are left desperate for guidance, and the nimble are given a chance to prevail.”2 It wasn’t just the tech kids pushing these visions. It did not matter who you were—Republican, Democrat, liberal, or libertarian—everyone seemed to share this single, unflinching conviction: the world was on the cusp of a technology revolution that would change everything, and change it for the better. Few embodied the early years of this new Great Awakening more than George Gilder, an old-school Reaganomics pundit who in the early 1990s reinvented himself as a techno prophet and investment guru. In his book Telecosm, he explained how computer networks combined with the power of American capitalism were about to create a paradise on earth. He even came up with a name for this utopia: the Telecosm. “All of the monopolies and hierarchies and pyramids and power grids of industrial society are going to dissolve before the constant pressure of distributing intelligence to the fringes of all the networks,” he wrote, predicting that the power of the Internet would destroy the physical structure of society.

The magazine’s embrace of a privatized digital world made it a natural ally of the powerful business interests pushing to deregulate and privatize American telecommunications infrastructure. Among the pantheon of techno-heroes promoted in the magazine’s pages were right-wing politicians and pundits, telecom tycoons, and corporate lobbyists who swirled around Washington to whip up excitement and push for a privatized, corporate-dominated Internet and telecommunications infrastructure. Republican congressman Newt Gingrich and Ronald Reagan’s economics guru George Gilder graced the magazine’s cover, their push for a privatized telecommunication system profiled—and their retrograde views on women’s rights, abortion, and civil rights played down and ultimately ignored.99 John Malone, the billionaire cable monopolist at the head of TCI and one of the largest landowners in the United States, made the cut as well. Wired put him on the cover as a punk counterculture rebel for his fight against the Federal Communications Commission, which was putting the brakes on his cable company’s multi-billion-dollar merger with Bell Atlantic, a telephone giant.

Rossetto expanded this quote into a full-blown manifesto in Wired’s UK edition: “The most fascinating and powerful people today are not politicians or priests, or generals or pundits, but the vanguard who are integrating digital technologies into their business and personal lives, and causing social changes so profound that their only parallel is probably the discovery of fire.” 2. Kevin Kelly, New Rules for the New Economy: 10 Radical Strategies for a Connected World (New York: Viking Adult, 1998). 3. Rich Karlgaard and Michael Malone, “City vs. Country: Tom Peters & George Gilder Debate the Impact of Technology on Location,” Forbes ASAP, February 27, 1995. 4. “Task Force to Focus on Information Revolution,” Deseret (UT) News, September 15, 1993, http://www.deseretnews.com/article/309821/TASK-FORCE-TO-FOCUS-ON-INFORMATION-REVOLUTION.html. 5. I attempted to interview Stewart Brand for this book, but he declined. “I have to pass,” he told me by email on May 28, 2015. “Working too hard on totally other subjects.


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Listen, Liberal: Or, What Ever Happened to the Party of the People? by Thomas Frank

Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American ideology, barriers to entry, Berlin Wall, Bernie Sanders, blue-collar work, Burning Man, centre right, circulation of elites, Clayton Christensen, collective bargaining, Credit Default Swap, David Brooks, deindustrialization, disruptive innovation, Donald Trump, Edward Snowden, Fall of the Berlin Wall, financial innovation, Frank Gehry, full employment, George Gilder, gig economy, Gini coefficient, income inequality, Jaron Lanier, Jeff Bezos, knowledge economy, knowledge worker, Lean Startup, mandatory minimum, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, McMansion, microcredit, mobile money, moral panic, mortgage debt, Nelson Mandela, new economy, obamacare, payday loans, Peter Thiel, plutocrats, Plutocrats, Ponzi scheme, post-industrial society, postindustrial economy, pre–internet, profit maximization, profit motive, race to the bottom, Republic of Letters, Richard Florida, ride hailing / ride sharing, Ronald Reagan, sharing economy, Silicon Valley, Steve Jobs, Steven Levy, TaskRabbit, Thorstein Veblen, too big to fail, Travis Kalanick, Uber for X, union organizing, urban decay, women in the workforce, Works Progress Administration, young professional

Another was this famous exchange with Mark Zuckerberg, in the course of a “town hall” meeting at Facebook headquarters during which Obama proposed that the rich should pay higher taxes than they currently do: Zuckerberg: “I’m cool with that.” Obama: “I know you’re OK with that.”3 In the 1980s and ’90s, Silicon Valley was not a particularly Democratic industry. Its libertarianism was well-known and the subject of endless fascination; its leaders were among the richest people in the world; and its great chronicler and booster at the time, George Gilder, was a prominent conservative intellectual whose works had been influential in the Reagan administration. Gilder’s take on Silicon Valley’s politics went far beyond the partisan preferences of its leading figures; the primacy of market economics, Gilder said, was actually inscribed in the structure of the microchip itself. By its very architecture, tech was supposed to work against economic authority of the taxing and regulating kind.

Walker, The President We Deserve, pp. 333, 332. 19. Quoted in Gillon, The Pact, p. 268. 20. DeWayne Davis and Jeff Lemieux, “Closing the Income Gap,” Blueprint, Summer 2000. 6: THE HIPSTER AND THE BANKER SHOULD BE FRIENDS   1. See Reagan’s 1988 speech at Moscow State University; it is reprinted, among other places, on the website of the Miller Center at the University of Virginia. The conservative author George Gilder, one of Reagan’s favorites, wrote one of the earliest and most forceful accounts of the New Economy ideology in his 1989 book Microcosm.   2. The DLC’s think tank was the Progressive Policy Institute; their 1999 report was called “The State New Economy Index.” Other installments were issued periodically throughout the decade to come. Later on, authorship of the index was taken over by the Ewing Kauffman Foundation and the Information Technology & Innovation Foundation, a Washington think tank.


pages: 391 words: 22,799

To Serve God and Wal-Mart: The Making of Christian Free Enterprise by Bethany Moreton

affirmative action, American Legislative Exchange Council, anti-communist, Berlin Wall, big-box store, Bretton Woods, Buckminster Fuller, collective bargaining, corporate personhood, creative destruction, deindustrialization, desegregation, Donald Trump, estate planning, Fall of the Berlin Wall, Frederick Winslow Taylor, George Gilder, global village, informal economy, invisible hand, liberation theology, longitudinal study, market fundamentalism, Mont Pelerin Society, mortgage tax deduction, Naomi Klein, new economy, 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,€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 Evangelical€ 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.


pages: 331 words: 60,536

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, creative destruction, 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, Norman Macrae, offshore financial centre, Parkinson's law, pattern recognition, phenotype, price mechanism, profit maximization, rent-seeking, reserve currency, road to serfdom, Ronald Coase, Sam Peltzman, 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, Vilfredo Pareto

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.


pages: 284 words: 92,387

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, John Markoff, 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,” Tomdis​patch.​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/.


pages: 323 words: 92,135

Running Money by Andy Kessler

Andy Kessler, Apple II, bioinformatics, Bob Noyce, British Empire, business intelligence, buy and hold, buy low sell high, call centre, Corn Laws, Douglas Engelbart, 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, Leonard Kleinrock, Long Term Capital Management, mail merge, Marc Andreessen, margin call, market bubble, Maui Hawaii, Menlo Park, Metcalfe’s law, Mitch Kapor, Network effects, packet switching, pattern recognition, pets.com, railway mania, risk tolerance, Robert Metcalfe, Sand Hill Road, Silicon Valley, South China Sea, spinning jenny, Steve Jobs, Steve Wozniak, Toyota Production System, zero-sum game

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.


pages: 416 words: 106,532

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond: The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske, Jack Tatar

Airbnb, altcoin, asset allocation, asset-backed security, autonomous vehicles, bitcoin, blockchain, Blythe Masters, business cycle, business process, buy and hold, capital controls, Carmen Reinhart, Clayton Christensen, clean water, cloud computing, collateralized debt obligation, commoditize, correlation coefficient, creative destruction, Credit Default Swap, credit default swaps / collateralized debt obligations, cryptocurrency, disintermediation, distributed ledger, diversification, diversified portfolio, Donald Trump, Elon Musk, en.wikipedia.org, Ethereum, ethereum blockchain, fiat currency, financial innovation, fixed income, George Gilder, Google Hangouts, high net worth, Jeff Bezos, Kenneth Rogoff, Kickstarter, Leonard Kleinrock, litecoin, Marc Andreessen, Mark Zuckerberg, market bubble, money market fund, money: store of value / unit of account / medium of exchange, moral hazard, Network effects, packet switching, passive investing, peer-to-peer, peer-to-peer lending, Peter Thiel, pets.com, Ponzi scheme, prediction markets, quantitative easing, RAND corporation, random walk, Renaissance Technologies, risk tolerance, risk-adjusted returns, Robert Shiller, Robert Shiller, Ross Ulbricht, Satoshi Nakamoto, Sharpe ratio, Silicon Valley, Simon Singh, Skype, smart contracts, social web, South Sea Bubble, Steve Jobs, transaction costs, tulip mania, Turing complete, Uber for X, Vanguard fund, WikiLeaks, Y2K

HARVEY, former president of the American Finance Association and professor of finance at the Fuqua School of Business at Duke University Cryptoassets is the definitive guide that comes just in time to introduce you to a radically new era of innovative investment. This book tells you all you need to know to invest in this supreme opportunity of our time: replacing the porous top-down “winner-take-all” Internet with a safe and cornucopian cadastre of trust and opportunity that makes us all potential winners. —GEORGE GILDER, cofounder of the Discovery Institute and author of The Scandal of Money The growth and importance of cryptocurrency and cryptocomputing rivals the early growth of the commercial Internet and web, and the technical and economic revolution that will result is perhaps even more significant than the first phase of the Internet. Cryptoassets is an excellent introduction to this breakthrough in technology and finance, and a tremendous resource for those eager to get their heads around what can be a daunting and complex subject.

Thanks to our wonderful editor at McGraw-Hill, Casey Ebro, and our literary agent, Marilyn Allen. Special thanks to all of those in the cryptoasset and financial community who provided ideas, advice, and commentary, especially the awesome trio of Alex Sunnarborg, Patrick Archambeau, and Pieter Gorsira, as well as Charles Bovaird, Balaji Srinivasan, Arthur Laffer, Michael Casey, Alex Tapscott, Ric Edelman, Campbell Harvey, George Gilder, Jeremy Allaire, Vinny Lingham, Laura Shin, Christian Catalini, Sandra Ro, Spencer Bogart, David Kinitsky, John McAfee, Ryan Selkis, Adam White, Jesse Walden, William Mougayer, Michael Terpin, Jennifer Zhu Scott, Pat Bolland, Greg Rosen, Luis Cuende, Travis Scher, Peter Kirby, Stephen McKeon, Paul Veradittakit, Ari Paul, Charlie Hayter, Demian Brener, Ron Quaranta, Jared Harwayne-Gidansky, Ned Scott, Alessio Saretto, Tron Black, Douglas Goldstein, Matthew Goetz, Tom Szaky, Fred Pye, Ryan Lancelot, Cristina Dolan, Ryan Strauss, Jack Hough, and of course to Brian Kelly for his support, friendship, and assistance.


pages: 409 words: 118,448

An Extraordinary Time: The End of the Postwar Boom and the Return of the Ordinary Economy by Marc Levinson

affirmative action, airline deregulation, banking crisis, Big bang: deregulation of the City of London, Boycotts of Israel, Bretton Woods, business cycle, Capital in the Twenty-First Century by Thomas Piketty, car-free, Carmen Reinhart, central bank independence, centre right, clean water, deindustrialization, endogenous growth, falling living standards, financial deregulation, floating exchange rates, full employment, George Gilder, Gini coefficient, global supply chain, income inequality, income per capita, indoor plumbing, informal economy, intermodal, invisible hand, Kenneth Rogoff, knowledge economy, late capitalism, linear programming, manufacturing employment, new economy, Nixon shock, North Sea oil, oil shock, Paul Samuelson, pension reform, price stability, purchasing power parity, refrigerator car, Right to Buy, rising living standards, Robert Gordon, rolodex, Ronald Coase, Ronald Reagan, Simon Kuznets, statistical model, strikebreaker, structural adjustment programs, The Rise and Fall of American Growth, Thomas Malthus, total factor productivity, unorthodox policies, upwardly mobile, War on Poverty, Washington Consensus, Winter of Discontent, Wolfgang Streeck, women in the workforce, working-age population, yield curve, Yom Kippur War, zero-sum game

Ultimately, they asserted, supply was the only true source of demand. Only a larger supply side could increase economic output and create jobs. Supply-side thinking had major implications for economic policy. One was that the government should spend less money, especially on social-welfare programs. “[R]eal poverty is less a state of income than a state of mind, and . . . the government dole blights most of the people who come to depend on it,” George Gilder, one of the most gifted of the supply-side proselytizers, asserted in a 1981 best seller, Wealth and Poverty. Payments to the unemployed “deter productive work” and should be curtailed. “In fact,” Gilder asserted, “nearly all the programs that are advocated by economists to promote equality and combat poverty—and are often rationalized in terms of stimulating consumption—in actuality reduce demand by undermining the production from which all real demand derives.”

Volcker, The Rediscovery of the Business Cycle (New York: Free Press, 1978), 61–62; John Berry, “Fed Lifts Discount Rate to Peak 11% on Close Vote,” Washington Post, September 19, 1979. 7. For a practical explanation of how the Fed’s reserve targeting worked, see Richard W. Lang, “The FOMC in 1979: Introducing Reserve Targeting,” Federal Reserve Bank of St. Louis Quarterly Review (March 1980): 2–25. 8. Allen quotation from Cronin, Global Rules, 93. 9. George Gilder, Wealth and Poverty (New York: Basic Books, 1981), 12, 45. Other important books by supply-siders include Jude Wanniski, The Way the World Works (Washington, DC: Regnery, 1978); Paul Craig Roberts, The Supply-Side Revolution (Cambridge, MA: Harvard University Press, 1984); Bruce R. Bartlett and Timothy Roth, eds., The Supply-Side Solution (London: Macmillan, 1983); and Victor A. Canto, Douglas H.


pages: 450 words: 113,173

The Age of Entitlement: America Since the Sixties by Christopher Caldwell

1960s counterculture, affirmative action, Affordable Care Act / Obamacare, anti-communist, Bernie Sanders, big data - Walmart - Pop Tarts, blue-collar work, Cass Sunstein, choice architecture, computer age, crack epidemic, crony capitalism, Daniel Kahneman / Amos Tversky, David Attenborough, desegregation, disintermediation, disruptive innovation, Edward Snowden, Erik Brynjolfsson, Ferguson, Missouri, financial deregulation, financial innovation, Firefox, full employment, George Gilder, global value chain, Home mortgage interest deduction, illegal immigration, immigration reform, informal economy, Jeff Bezos, John Markoff, Kevin Kelly, libertarian paternalism, Mark Zuckerberg, Martin Wolf, mass immigration, mass incarceration, mortgage tax deduction, Nate Silver, new economy, Norman Mailer, post-industrial society, pre–internet, profit motive, reserve currency, Richard Thaler, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Rosa Parks, Silicon Valley, Skype, South China Sea, Steve Jobs, Thomas Kuhn: the structure of scientific revolutions, Thomas L Friedman, too big to fail, transatlantic slave trade, transcontinental railway, War on Poverty, Whole Earth Catalog, zero-sum game

“We cut the government’s rate of growth nearly in half,” he told Congress, but it was a weak boast—for it was the size of government, not the velocity of its growth, that he had promised to reduce. Government would continue to grow by 2.5 percent a year throughout his administration. The difficulty of shrinking government led nobody in the president’s entourage to reconsider his tax cuts. A means had become an end. “Even if Congress manages to pass the usual boondoggles,” wrote the journalist George Gilder in his 1981 book Wealth and Poverty, “we should not abandon the drive to retrench taxes.” Having railed against the “Keynesian” demand-side stimulus of his predecessors, Reagan wound up presiding over nearly a decade of full-throttle stimulus himself, along with the overheated private-sector economy and large annual deficits that are its hallmark. Some good came of Reagan’s economic policies, certainly.

Novak, “Introduction” in Wanniski, The Way the World Works, ix. In an autumn 1981 economic address: Reagan, “Address to the Nation on the Program for Economic Recovery.” “We cut the government’s”: Ibid. Government would continue to grow: William A. Niskanen, “Reaganomics,” The Concise Encyclopedia of Economics, Library of Economics and Liberty. Online at econlib.org. “Even if Congress manages”: George Gilder, Wealth and Poverty (New York: Basic Books, 1981), 225. “more trade barriers”: Niskanen, “Reaganomics.” “from discretionary domestic spending”: Ibid. Although the size of the total credit market: Richard Duncan, The New Depression: The Breakdown of the Paper Money Economy (Singapore: John Wiley & Sons, 2012), 59. They would swell: “Figure 20 B: Total Pell Grant Expenditures and Number of Recipients, 1977–78 to 2017–2018.”


pages: 397 words: 121,211

Coming Apart: The State of White America, 1960-2010 by Charles Murray

affirmative action, assortative mating, blue-collar work, Community Supported Agriculture, corporate governance, David Brooks, en.wikipedia.org, feminist movement, George Gilder, Haight Ashbury, happiness index / gross national happiness, helicopter parent, illegal immigration, income inequality, job satisfaction, labor-force participation, longitudinal study, low skilled workers, Menlo Park, new economy, Ralph Nader, Richard Florida, Silicon Valley, Steve Jobs, The Bell Curve by Richard Herrnstein and Charles Murray, Unsafe at Any Speed, War on Poverty, working-age population, young professional

“It’s Because They Didn’t Marry” It makes sense that women would choose mates who have already exhibited evidence that they will be successful economically, and social scientists have demonstrated that this is in fact a statistical tendency: Men with high earnings are more likely to get married and less likely to get divorced.15 But there’s another possibility: Married men become more productive after they are married because they are married. Economist Gary Becker predicted this outcome in A Treatise on the Family because of the advantages of role specialization in marriage.16 George Gilder predicted it even earlier, in Sexual Suicide, through a more inflammatory argument: Unmarried males arriving at adulthood are barbarians who are then civilized by women through marriage. The inflammatory part was that Gilder saw disaster looming as women stopped performing this function, a position derided as the worst kind of patriarchal sexism.17 But, put in less vivid language, the argument is neither implausible nor inflammatory: The responsibilities of marriage induce young men to settle down, focus, and get to work.

For men with just a high school diploma, unmarried men were 1.7 times more likely to work fewer than forty hours a week in 1960 and 1.6 times more likely to do so in 2010. The meaning of all this is that the labor force problems that grew in Fishtown from 1960 to 2010 are intimately connected with the increase in the number of unmarried men in Fishtown. The balance of the literature suggests that the causal arrow for the marriage premium goes mostly from marriage to labor force behavior—in other words, George Gilder was probably mostly right. But some causation goes the other way as well. In the 2000s Fishtown had a lot fewer men who were indicating that they would be good providers if the woman took a chance and married one of them than it had in 1960. What Whites Did About Work: Women Detecting changes in industriousness among American women is impossible unless you assume that a woman working at a paid job is more industrious than a full-time mother, which is not an assumption that I am willing to make.


Bit by Bit: How P2P Is Freeing the World by Jeffrey Tucker

Affordable Care Act / Obamacare, Airbnb, airport security, altcoin, bank run, bitcoin, blockchain, business cycle, crowdsourcing, cryptocurrency, disintermediation, distributed ledger, Fractional reserve banking, George Gilder, Google Hangouts, informal economy, invisible hand, Kickstarter, litecoin, Lyft, obamacare, Occupy movement, peer-to-peer, peer-to-peer lending, QR code, ride hailing / ride sharing, Ross Ulbricht, Satoshi Nakamoto, sharing economy, Silicon Valley, Skype, TaskRabbit, the payments system, uber lyft

The emergence of it has been spread out over some 15 years, too slow to notice with full awareness and too fast to fully dissect and understand. It is now a fixture and a foreshadowing of a world to come. That doesn’t mean we don’t have to fight for it. But this fight is no longer about muskets and barricades. It’s about innovation, cleverness, and being the revolution in our own lives and economic relationships. 89 Books To Read John T Flynn, As We Go Marching (Laissez Faire Books, 2014 [1944]). George Gilder, Knowledge and Power: The Information Theory of Capitalism and How It Is Revolutionizing Our World (Regnery, 2013). F.A. Hayek, Law, Legislation, and Liberty, volumes I, II, and III (University of Chicago Press, 1978, 1981). Ludwig von Mises, Nation, State, and Economy (Liberty Fund, 2005 [1919]). Samuel Paterson, Up and Running with Bitcoin (Liberty.me, 2014). Peter Surda, The Economics of Bitcoin (Master’s Thesis, University of Vienna).


pages: 515 words: 126,820

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, Blythe Masters, Bretton Woods, business process, buy and hold, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, clean water, cloud computing, cognitive dissonance, commoditize, corporate governance, corporate social responsibility, creative destruction, Credit Default Swap, crowdsourcing, cryptocurrency, disintermediation, disruptive innovation, distributed ledger, Donald Trump, double entry bookkeeping, Edward Snowden, Elon Musk, Erik Brynjolfsson, Ethereum, 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, information asymmetry, intangible asset, interest rate swap, Internet of things, Jeff Bezos, jimmy wales, Kickstarter, knowledge worker, Kodak vs Instagram, Lean Startup, litecoin, Lyft, M-Pesa, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, means of production, microcredit, mobile money, money market fund, Network effects, new economy, Oculus Rift, off grid, pattern recognition, peer-to-peer, peer-to-peer lending, peer-to-peer model, performance metric, Peter Thiel, planetary scale, Ponzi scheme, prediction markets, price mechanism, Productivity paradox, QR code, 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 intelligence, social software, standardized shipping container, 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, uber lyft, unbanked and underbanked, underbanked, unorthodox policies, wealth creators, 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.


pages: 162 words: 51,473

The Accidental Theorist: And Other Dispatches From the Dismal Science by Paul Krugman

"Robert Solow", Bonfire of the Vanities, Bretton Woods, business cycle, clean water, collective bargaining, computerized trading, corporate raider, declining real wages, floating exchange rates, full employment, George Akerlof, George Gilder, Home mortgage interest deduction, income inequality, indoor plumbing, informal economy, invisible hand, Kenneth Arrow, knowledge economy, life extension, new economy, Nick Leeson, paradox of thrift, Paul Samuelson, plutocrats, Plutocrats, price stability, rent control, Ronald Reagan, Silicon Valley, trade route, very high income, working poor, zero-sum game

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.


pages: 193 words: 47,808

The Flat White Economy by Douglas McWilliams

"Robert Solow", access to a mobile phone, banking crisis, Big bang: deregulation of the City of London, bonus culture, Boris Johnson, Chuck Templeton: OpenTable:, 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, Kickstarter, knowledge economy, loadsamoney, low skilled workers, mass immigration, Metcalfe’s law, Network effects, new economy, offshore financial centre, Pareto efficiency, Peter Thiel, Productivity paradox, Robert Metcalfe, Silicon Valley, smart cities, special economic zone, Steve Jobs, working-age population, zero-sum game

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.


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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, Asilomar, augmented reality, autonomous vehicles, Benoit Mandelbrot, Bill Joy: nanobots, bioinformatics, brain emulation, Brewster Kahle, Brownian motion, business cycle, business intelligence, c2.com, call centre, carbon-based life, cellular automata, Claude Shannon: information theory, complexity theory, conceptual framework, Conway's Game of Life, coronavirus, 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, iterative process, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, John von Neumann, Kevin Kelly, Law of Accelerating Returns, life extension, lifelogging, linked data, Loebner Prize, Louis Pasteur, mandelbrot fractal, Marshall McLuhan, Mikhail Gorbachev, Mitch Kapor, 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, Robert Metcalfe, Rodney Brooks, scientific worldview, Search for Extraterrestrial Intelligence, selection bias, 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, Thomas Bayes, 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.


pages: 161 words: 52,058

The Art of Corporate Success: The Story of Schlumberger by Ken Auletta

Albert Einstein, Bretton Woods, George Gilder, job satisfaction, offshore financial centre, oil shale / tar sands, oil shock, Ronald Reagan, the scientific method, union organizing

In fact, the Treasury Department is now threatening to change a tax treaty between the United States and the Antilles, principally for this reason. Riboud views his preoccupation with personnel matters at Schlumberger as yet another extension of his Socialist principles. He thinks of Schlumberger as a happy family sharing the fruits of success, and sees the corporation as an instrument of altruism. This view is quite different from that propounded by George Gilder in his book Wealth and Poverty, or by Michael Novak in The Spirit of Democratic Capitalism. Those two writers argue that capitalism is by definition altruistic and moral because it creates wealth and employs people, and because it makes possible the pluralistic values that keep democracy alive. Riboud assumes that a corporation has a social responsibility. His son, Christophe, who has a PhD in economics from the Massachusetts Institute of Technology and is extraordinarily close to his father, says a service business like Schlumberger is linked to Socialism because “you can’t be successful unless you believe in people—that’s what Socialism is all about.”


The Great Turning: From Empire to Earth Community by David C. Korten

Albert Einstein, banks create money, big-box store, Bretton Woods, British Empire, business cycle, clean water, colonial rule, Community Supported Agriculture, death of newspapers, declining real wages, different worldview, European colonialism, Francisco Pizarro, full employment, George Gilder, global supply chain, global village, God and Mammon, Hernando de Soto, Howard Zinn, informal economy, Intergovernmental Panel on Climate Change (IPCC), 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, Project for a New American Century, Ronald Reagan, Rosa Parks, sexual politics, shared worldview, social intelligence, source of truth, South Sea Bubble, stem cell, structural adjustment programs, The Chicago School, trade route, Washington Consensus, wealth creators, 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.


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Goddess of the Market: Ayn Rand and the American Right by Jennifer Burns

anti-communist, bank run, barriers to entry, centralized clearinghouse, collective bargaining, creative destruction, desegregation, feminist movement, financial independence, George Gilder, invisible hand, jimmy wales, Joan Didion, John Markoff, Joseph Schumpeter, knowledge worker, laissez-faire capitalism, lone genius, Menlo Park, minimum wage unemployment, Mont Pelerin Society, new economy, Norman Mailer, offshore financial centre, Ponzi scheme, profit motive, RAND corporation, rent control, road to serfdom, Robert Bork, 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.


The State and the Stork: The Population Debate and Policy Making in US History by Derek S. Hoff

"Robert Solow", affirmative action, Alfred Russel Wallace, back-to-the-land, British Empire, business cycle, clean water, creative destruction, David Ricardo: comparative advantage, demographic transition, desegregation, Edward Glaeser, feminist movement, full employment, garden city movement, George Gilder, Gunnar Myrdal, immigration reform, income inequality, income per capita, invisible hand, Jane Jacobs, John Maynard Keynes: technological unemployment, Joseph Schumpeter, labor-force participation, manufacturing employment, mass immigration, New Economic Geography, new economy, old age dependency ratio, Paul Samuelson, peak oil, pensions crisis, profit motive, Ralph Waldo Emerson, road to serfdom, Ronald Reagan, Scientific racism, secular stagnation, Simon Kuznets, The Chicago School, The Wealth of Nations by Adam Smith, Thomas L Friedman, Thomas Malthus, Thorstein Veblen, trickle-down economics, urban planning, urban sprawl, wage slave, War on Poverty, white flight, zero-sum game

(Reagan spoke the language of overpopulation in the 1960s, but, like so many conservatives, subsequently switched to the anti-Malthusian camp.)53 Simon also had links to such futurists as Herman Kahn, with whom he edited a book espousing the resourceoptimism position.54 By the 1980s, Simon’s ideas had become ingrained in the philosophy of leading conservative intellectuals. For instance, activist George Gilder summed up the new conservative mantra regarding population aged 229 population and the limits to growth in his well-known Wealth and Poverty (1981). After criticizing the population scare and what he saw as the fantasy that resources can run out, Gilder proffered, “Our greatest and only resource is the miracle of human creativity in a relation of openness to the divine.”55 Simon and other market-knows-best demographers provided a necessary corrective to the excessive rhetoric of the zero population growth movement (which takes nothing away from the thinking of serious ecological economists such as Herman Daly).

Julian L. Simon, The Ultimate Resource (Princeton: Princeton University Press, 1981). 52. The letter from Hayek to Simon, March 22, 1981, is reprinted in Simon, A Life Against the Grain, 268. 53. For Reagan and population, see Robertson, Malthusian Moment, chap. 9. 54. Julian L. Simon and Herman Kahn, eds., The Resourceful Earth: A Response to Global 2000 (New York: Basil Blackwell, 1984). 55. George Gilder, Wealth and Poverty (New York: Basic Books, 1981), 268. 56. Central Intelligence Agency, Directorate of Intelligence, Office of Political Research, “Potential Implications of Trends in World Population, Food Production, and Climate,” August 1974, chap. 4. Also see Jack Parsons, Population Fallacies (London: Elek/Pemberton, 1977), 35. 57. Simon and Kahn, Resourceful Earth, includes a chapter on global climate change addressing the then-nascent science (chap. 10, “Global Climate Trends,” by H.


pages: 295 words: 66,824

A Mathematician Plays the Stock Market by John Allen Paulos

Benoit Mandelbrot, Black-Scholes formula, Brownian motion, business climate, business cycle, butter production in bangladesh, butterfly effect, capital asset pricing model, correlation coefficient, correlation does not imply causation, Daniel Kahneman / Amos Tversky, diversified portfolio, dogs of the Dow, 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, intangible asset, invisible hand, Isaac Newton, John Nash: game theory, Long Term Capital Management, loss aversion, Louis Bachelier, mandelbrot fractal, margin call, mental accounting, Myron Scholes, Nash equilibrium, Network effects, passive investing, Paul Erdős, Paul Samuelson, Ponzi scheme, price anchoring, Ralph Nelson Elliott, random walk, Richard Thaler, Robert Shiller, Robert Shiller, short selling, six sigma, Stephen Hawking, stocks for the long run, survivorship bias, 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.


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Utopia for Realists: The Case for a Universal Basic Income, Open Borders, and a 15-Hour Workweek by Rutger Bregman

autonomous vehicles, banking crisis, Bartolomé de las Casas, basic income, 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, George Santayana, 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 Markoff, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, Kodak vs Instagram, 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, Paul Samuelson, 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 Future of Employment, 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.


pages: 267 words: 70,250

Defending the Free Market: The Moral Case for a Free Economy by Robert A. Sirico

Affordable Care Act / Obamacare, barriers to entry, Berlin Wall, corporate governance, creative destruction, delayed gratification, Fall of the Berlin Wall, George Gilder, Gordon Gekko, greed is good, happiness index / gross national happiness, Hernando de Soto, informal economy, Internet Archive, liberation theology, means of production, moral hazard, obamacare, On the Revolutions of the Heavenly Spheres, profit motive, road to serfdom, zero-sum game

Defending the Free Market provides a solidly Christian perspective on capitalism and free markets—and makes the compelling case that we cannot possibly understand economics and how markets function without understanding the true nature of man.” —Chuck Colson, founder of Prison Fellowship® and the Colson Center for Christian Worldview “Defending the Free Market addresses the morality of entrepreneurship from the point of view of a sophisticated economist who is also an inspiring theologian, leading us on a journey to the free and virtuous society, animated by human creativity in the image of the Creator.” —George Gilder, author of Wealth and Poverty “As Father Sirico so rightly points out, no other system in history has lifted more people out of abject poverty than capitalism, but capitalism without a moral compass leads to a system and a society lost in the wilderness. Defending the Free Market reminds us of the moral responsibility of freedom and provides the perspective to see beyond our immediate goals and desires into the type of future we envision for our children and our nation.”


The Man Behind the Microchip: Robert Noyce and the Invention of Silicon Valley by Leslie Berlin

Apple II, Bob Noyce, business cycle, collective bargaining, computer age, George Gilder, informal economy, John Markoff, Kickstarter, laissez-faire capitalism, low skilled workers, means of production, Menlo Park, Murray Gell-Mann, open economy, 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.


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What Went Wrong: How the 1% Hijacked the American Middle Class . . . And What Other Countries Got Right by George R. Tyler

8-hour work day, active measures, activist fund / activist shareholder / activist investor, affirmative action, Affordable Care Act / Obamacare, bank run, banking crisis, Basel III, Black Swan, blood diamonds, blue-collar work, Bolshevik threat, bonus culture, British Empire, business cycle, business process, buy and hold, capital controls, Carmen Reinhart, carried interest, cognitive dissonance, collateralized debt obligation, collective bargaining, commoditize, corporate governance, corporate personhood, corporate raider, corporate social responsibility, creative destruction, credit crunch, crony capitalism, crowdsourcing, currency manipulation / currency intervention, David Brooks, David Graeber, David Ricardo: comparative advantage, declining real wages, deindustrialization, Diane Coyle, disruptive innovation, Double Irish / Dutch Sandwich, eurozone crisis, financial deregulation, financial innovation, fixed income, Francis Fukuyama: the end of history, full employment, George Akerlof, George Gilder, Gini coefficient, Gordon Gekko, hiring and firing, income inequality, invisible hand, job satisfaction, John Markoff, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, labor-force participation, laissez-faire capitalism, lake wobegon effect, light touch regulation, Long Term Capital Management, manufacturing employment, market clearing, market fundamentalism, Martin Wolf, minimum wage unemployment, mittelstand, moral hazard, Myron Scholes, Naomi Klein, Northern Rock, obamacare, offshore financial centre, Paul Samuelson, pension reform, performance metric, pirate software, plutocrats, Plutocrats, Ponzi scheme, precariat, price stability, profit maximization, profit motive, purchasing power parity, race to the bottom, Ralph Nader, rent-seeking, reshoring, Richard Thaler, rising living standards, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, Sand Hill Road, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, sovereign wealth fund, Steve Ballmer, Steve Jobs, The Chicago School, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transcontinental railway, transfer pricing, trickle-down economics, tulip mania, Tyler Cowen: Great Stagnation, union organizing, Upton Sinclair, upwardly mobile, women in the workforce, working poor, zero-sum game

“Federal dollars spent should be paid for out of revenue [but] … the taxing rule was eliminated in the early 1980’s by the jihad prayers of supply-side economists.”5 The notion that tax cuts work this way has been discredited time and again by US economic history; only a John Law would argue that cutting tax rates from, say, 30 percent to 15 percent will spark a sufficient boom to replace the lost tax revenue. Early acolytes brought a religious fervor, making George Gilder’s 1981 Wealth and Poverty a best-seller; media evangelist Pat Robertson argued that supply-side economics “was the first truly divine theory of money creation.”6 President Reagan himself was indifferent about whether this canard was accurate because, as former Republican US Senator Bob Packwood of Oregon explained, Reagan “wanted lower rates and didn’t care how we got there.”7 The lower taxes he and the Bush presidents implemented have not produced an economic renaissance, however, only deep national debt and a nation that consumes too much and invests too little.

38 George Soros, “Do Not Ignore the Need for Financial Reform,” Financial Times, Oct. 25, 2009. CHAPTER 12 1 Louis Uchitelle, “Fed Fears Wage Spiral That Is Little in Evidence,” New York Times, Aug. 1, 2008. 2 David Frum, “The Vanishing Republican Voters,” New York Times, Aug. 5, 2008. 3 Larry M. Bartels, Unequal Democracy (Princeton, NJ: Princeton University Press, 2008), 296–97. 4 See Timothy H. Parsons, The Rule of Empires, 36. 5 Peter G. Peterson, “The Morning After.” 6 George Gilder, Wealth and Poverty (1981; out of print), and David Graeber, Debt (Brooklyn, NY: Melville House, 2011), 377–78. 7 Albert Hunt, “Reagan Offers Lesson for Obama on Tax,” Sydney Morning Herald, Jan. 10, 2011. 8 Steven Mufson and Jia Lynn Yang, “Tax Policy Feeds Gap Between Rich, Poor,” Washington Post, Sept. 12, 2011. 9 Bruce Bartlett, “The Fiscal Legacy of George W. Bush,” Economix, New York Times, June 12, 2012. 10 Thomas L.


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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, Norman Mailer, place-making, Ralph Waldo Emerson, Robert Bork, 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.


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Bureaucracy by David Graeber

a long time ago in a galaxy far, far away, 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, Kitchen Debate, late capitalism, means of production, music of the spheres, new economy, obamacare, Occupy movement, Parkinson's law, Peter Thiel, planetary scale, post-work, price mechanism, Ronald Reagan, self-driving car, Silicon Valley, South Sea Bubble, transcontinental railway, union organizing, urban planning, zero-sum game

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.”


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Social Life of Information by John Seely Brown, Paul Duguid

business process, Claude Shannon: information theory, computer age, cross-subsidies, disintermediation, double entry bookkeeping, Frank Gehry, frictionless, frictionless market, future of work, George Gilder, George Santayana, global village, Howard Rheingold, informal economy, information retrieval, invisible hand, Isaac Newton, John Markoff, Just-in-time delivery, Kenneth Arrow, Kevin Kelly, knowledge economy, knowledge worker, lateral thinking, loose coupling, Marshall McLuhan, medical malpractice, moral hazard, Network effects, new economy, Productivity paradox, Robert Metcalfe, rolodex, Ronald Coase, shareholder value, Shoshana Zuboff, 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.


pages: 286 words: 87,401

Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies by Reid Hoffman, Chris Yeh

activist fund / activist shareholder / activist investor, Airbnb, Amazon Web Services, autonomous vehicles, bitcoin, blockchain, Bob Noyce, business intelligence, Chuck Templeton: OpenTable:, cloud computing, crowdsourcing, cryptocurrency, Daniel Kahneman / Amos Tversky, database schema, discounted cash flows, Elon Musk, Firefox, forensic accounting, George Gilder, global pandemic, Google Hangouts, Google X / Alphabet X, hydraulic fracturing, Hyperloop, inventory management, Isaac Newton, Jeff Bezos, Joi Ito, Khan Academy, late fees, Lean Startup, Lyft, M-Pesa, Marc Andreessen, margin call, Mark Zuckerberg, minimum viable product, move fast and break things, move fast and break things, Network effects, Oculus Rift, oil shale / tar sands, Paul Buchheit, Paul Graham, Peter Thiel, pre–internet, recommendation engine, ride hailing / ride sharing, Sam Altman, Sand Hill Road, Saturday Night Live, self-driving car, shareholder value, sharing economy, Silicon Valley, Silicon Valley startup, Skype, smart grid, social graph, software as a service, software is eating the world, speech recognition, stem cell, Steve Jobs, subscription business, Tesla Model S, thinkpad, transaction costs, transport as a service, Travis Kalanick, Uber for X, uber lyft, web application, winner-take-all economy, Y Combinator, yellow journalism

Bits also make it easier to design around growth limiters. You can iterate more quickly on software products (many Internet companies release new software daily) than on physical products, making it faster and cheaper to achieve product/market fit. And bits-based businesses, as we saw with WhatsApp, can get away with far fewer employees than most of their atom-based counterparts. Back in 1990, the futurist George Gilder demonstrated his prescience when he wrote in his book Microcosm, “The central event of the twentieth century is the overthrow of matter. In technology, economics, and the politics of nations, wealth in the form of physical resources is steadily declining in value and significance. The powers of mind are everywhere ascendant over the brute force of things.” Just over twenty years later, in 2011, the venture capitalist (and Netscape cofounder) Marc Andreessen validated Gilder’s thesis in his Wall Street Journal op-ed “Why Software Is Eating the World.”


pages: 301 words: 89,076

The Globotics Upheaval: Globalisation, Robotics and the Future of Work by Richard Baldwin

agricultural Revolution, Airbnb, AltaVista, Amazon Web Services, augmented reality, autonomous vehicles, basic income, business process, business process outsourcing, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, commoditize, computer vision, Corn Laws, correlation does not imply causation, Credit Default Swap, David Ricardo: comparative advantage, declining real wages, deindustrialization, deskilling, Donald Trump, Douglas Hofstadter, Downton Abbey, Elon Musk, Erik Brynjolfsson, facts on the ground, future of journalism, future of work, George Gilder, Google Glasses, Google Hangouts, hiring and firing, impulse control, income inequality, industrial robot, intangible asset, Internet of things, invisible hand, James Watt: steam engine, Jeff Bezos, job automation, knowledge worker, laissez-faire capitalism, low skilled workers, Machine translation of "The spirit is willing, but the flesh is weak." to Russian and back, manufacturing employment, Mark Zuckerberg, mass immigration, mass incarceration, Metcalfe’s law, new economy, optical character recognition, pattern recognition, Ponzi scheme, post-industrial society, post-work, profit motive, remote working, reshoring, ride hailing / ride sharing, Robert Gordon, Robert Metcalfe, Ronald Reagan, Second Machine Age, self-driving car, side project, Silicon Valley, Skype, Snapchat, social intelligence, sovereign wealth fund, standardized shipping container, statistical model, Stephen Hawking, Steve Jobs, supply-chain management, TaskRabbit, telepresence, telepresence robot, telerobotics, Thomas Malthus, trade liberalization, universal basic income

It would, for instance, pay for half of a US Navy Nimitz-class nuclear aircraft carrier. And all this for a chip that makes machine learning about twelve times faster. The reason such sums make sense is that the demand for faster chips is growing equally fast. That, ultimately, is why Moore’s Law continues to bind—people are still making money selling faster chips. Gilder’s Law As with Gordon Moore, there is a strange parallel between George Gilder the man and the law he named after himself. In 1989, Glider predicted that data transmission rates would grow three times faster than computer power. This prediction went through a massive hype cycle—a bit like Gilder himself. The two stories are surprisingly intertwined. The technology breakthrough that triggered the hype cycle was the commercial viability of fiber optic cables. These promised vastly faster transmission rates.


pages: 318 words: 85,824

A Brief History of Neoliberalism by David Harvey

affirmative action, Asian financial crisis, Berlin Wall, Bretton Woods, business climate, business cycle, capital controls, centre right, collective bargaining, creative destruction, 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, mass immigration, means of production, Mexican peso crisis / tequila crisis, Mont Pelerin Society, mortgage tax deduction, neoliberal agenda, new economy, Pearl River Delta, 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.


pages: 678 words: 216,204

The Wealth of Networks: How Social Production Transforms Markets and Freedom by Yochai Benkler

affirmative action, barriers to entry, bioinformatics, Brownian motion, call centre, Cass Sunstein, centre right, clean water, commoditize, dark matter, desegregation, East Village, fear of failure, Firefox, game design, George Gilder, hiring and firing, Howard Rheingold, informal economy, information asymmetry, invention of radio, Isaac Newton, iterative process, Jean Tirole, jimmy wales, John Markoff, Kenneth Arrow, longitudinal study, market bubble, market clearing, Marshall McLuhan, Mitch Kapor, New Journalism, optical character recognition, pattern recognition, peer-to-peer, 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, Vilfredo Pareto

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.


pages: 319 words: 89,477

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, commoditize, corporate governance, creative destruction, disruptive innovation, Elon Musk, en.wikipedia.org, future of work, game design, George Gilder, intangible asset, Isaac Newton, job satisfaction, Joi Ito, knowledge economy, knowledge worker, loose coupling, Louis Pasteur, Malcom McLean invented shipping containers, Maui Hawaii, medical residency, Network effects, old-boy network, packet switching, pattern recognition, peer-to-peer, 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, the new new thing, 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.


pages: 292 words: 81,699

More Joel on Software by Joel Spolsky

a long time ago in a galaxy far, far away, barriers to entry, Black Swan, Build a better mousetrap, business process, call centre, Danny Hillis, David Heinemeier Hansson, failed state, Firefox, fixed income, George Gilder, Larry Wall, low cost airline, low cost carrier, Mars Rover, Network effects, Paul Graham, performance metric, place-making, price discrimination, prisoner's dilemma, Ray Oldenburg, Ruby on Rails, 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.


The Data Revolution: Big Data, Open Data, Data Infrastructures and Their Consequences by Rob Kitchin

Bayesian statistics, 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, disruptive innovation, George Gilder, Google Earth, Infrastructure as a Service, Internet Archive, Internet of things, invisible hand, knowledge economy, late capitalism, lifelogging, linked data, longitudinal study, 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.


pages: 606 words: 87,358

The Great Convergence: Information Technology and the New Globalization by Richard Baldwin

"Robert Solow", 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, commoditize, Commodity Super-Cycle, David Ricardo: comparative advantage, deindustrialization, domestication of the camel, Edward Glaeser, endogenous growth, Erik Brynjolfsson, financial intermediation, George Gilder, global supply chain, global value chain, Henri Poincaré, imperial preference, industrial cluster, industrial robot, intangible asset, invention of agriculture, invention of the telegraph, investor state dispute settlement, Isaac Newton, Islamic Golden Age, James Dyson, Kickstarter, knowledge economy, knowledge worker, Lao Tzu, low skilled workers, market fragmentation, mass immigration, Metcalfe’s law, New Economic Geography, out of africa, paper trading, Paul Samuelson, Pax Mongolica, profit motive, rent-seeking, reshoring, Richard Florida, rising living standards, Robert Metcalfe, 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.


pages: 372 words: 101,174

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, 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, selective serotonin reuptake inhibitor (SSRI), 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.


pages: 350 words: 103,988

Reinventing the Bazaar: A Natural History of Markets by John McMillan

"Robert Solow", accounting loophole / creative accounting, Albert Einstein, Alvin Roth, Andrei Shleifer, Anton Chekhov, Asian financial crisis, congestion charging, corporate governance, corporate raider, 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, information asymmetry, invisible hand, Isaac Newton, job-hopping, John Harrison: Longitude, John von Neumann, Kenneth Arrow, land reform, lone genius, manufacturing employment, market clearing, market design, market friction, market microstructure, means of production, Network effects, new economy, offshore financial centre, ought to be enough for anybody, 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, business cycle, clean water, complexity theory, corporate raider, 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 Future of Employment, the market place, the payments system, Thomas Davenport, 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.


pages: 571 words: 106,255

The Bitcoin Standard: The Decentralized Alternative to Central Banking by Saifedean Ammous

Airbnb, altcoin, bank run, banks create money, bitcoin, Black Swan, blockchain, Bretton Woods, British Empire, business cycle, capital controls, central bank independence, conceptual framework, creative destruction, cryptocurrency, currency manipulation / currency intervention, currency peg, delayed gratification, disintermediation, distributed ledger, Ethereum, ethereum blockchain, fiat currency, fixed income, floating exchange rates, Fractional reserve banking, full employment, George Gilder, global reserve currency, high net worth, invention of the telegraph, Isaac Newton, iterative process, jimmy wales, Joseph Schumpeter, market bubble, market clearing, means of production, money: store of value / unit of account / medium of exchange, moral hazard, Network effects, Paul Samuelson, peer-to-peer, Peter Thiel, price mechanism, price stability, profit motive, QR code, ransomware, reserve currency, Richard Feynman, risk tolerance, Satoshi Nakamoto, secular stagnation, smart contracts, special drawing rights, Stanford marshmallow experiment, The Nature of the Firm, the payments system, too big to fail, transaction costs, Walter Mischel, zero-sum game

., p. 186. 15 An excellent detailed treatment of this depression is found in James Grant's book, The Forgotten Depression: 1921: The Crash That Cured Itself (Simon & Schuster, 2014). 16 Murray Rothbard, America's Great Depression. 17 “Fisher Sees Stocks Permanently High,” New York Times, October 16, 1929, p. 8. 18 See Murray Rothbard, Economic Depressions: Their Cause and Cure (2009). 19 Friedrich Hayek, Denationalization of Money (1976). 20 Bank of International Settlements (2016), Triennial Central Bank Survey. Foreign Exchange Turnover in April 2016. 21 For more on this, see George Gilder, The Scandal of Money: Why Wall Street Recovers but the Economy Never Does (Washington, D.C. Regnery, 2016). 22 Hans‐Hermann Hoppe, “How Is Fiat Money Possible?” The Review of Austrian Economics, vol. 7, no. 2 (1994). Chapter 7 Sound Money and Individual Freedom “[G]overnments believe that … when there is a choice between an unpopular tax and a very popular expenditure, there is a way out for them—the way toward inflation.


pages: 407 words: 104,622

The Man Who Solved the Market: How Jim Simons Launched the Quant Revolution by Gregory Zuckerman

affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Andrew Wiles, automated trading system, backtesting, Bayesian statistics, beat the dealer, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, blockchain, Brownian motion, butter production in bangladesh, buy and hold, buy low sell high, Claude Shannon: information theory, computer age, computerized trading, Credit Default Swap, Daniel Kahneman / Amos Tversky, diversified portfolio, Donald Trump, Edward Thorp, Elon Musk, Emanuel Derman, endowment effect, Flash crash, George Gilder, Gordon Gekko, illegal immigration, index card, index fund, Isaac Newton, John Meriwether, John Nash: game theory, John von Neumann, Loma Prieta earthquake, Long Term Capital Management, loss aversion, Louis Bachelier, mandelbrot fractal, margin call, Mark Zuckerberg, More Guns, Less Crime, Myron Scholes, Naomi Klein, natural language processing, obamacare, p-value, pattern recognition, Peter Thiel, Ponzi scheme, prediction markets, quantitative hedge fund, quantitative trading / quantitative finance, random walk, Renaissance Technologies, Richard Thaler, Robert Mercer, Ronald Reagan, self-driving car, Sharpe ratio, Silicon Valley, sovereign wealth fund, speech recognition, statistical arbitrage, statistical model, Steve Jobs, stochastic process, the scientific method, Thomas Bayes, transaction costs, Turing machine

McGrayne, The Theory That Would Not Die: How Bayes’ Rule Cracked the Enigma Code, Hunted Down Russian Submarines, and Emerged Triumphant from Two Centuries of Controversy. 2. Lux, “The Secret World of Jim Simons.” 3. Abuse of Structured Financial Products (statement of Peter Brown). 4. Katherine Burton, “Inside a Moneymaking Machine Like No Other,” Bloomberg, November 21, 2016, https://www.bloomberg.com/news/articles/2016-11-21/how-renaissance-s-medallion-fund-became-finance-s-blackest-box. 5. George Gilder, Life after Google: The Fall of Big Data and the Rise of the Blockchain Economy (Washington, DC: Regnery Gateway, 2018). 6. Simon Van Zuylen-Wood, “The Controversial David Magerman,” Philadelphia Magazine, September 13, 2013, https://www.phillymag.com/news/2013/09/13/controversial-david-magerman. 7. Scott Patterson and Jenny Strasburg, “Pioneering Fund Stages Second Act,” Wall Street Journal, March 16, 2010, https://www.wsj.com/articles/SB10001424052748703494404575082000779302566. 8.


pages: 422 words: 113,830

Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism by Kevin Phillips

algorithmic trading, asset-backed security, bank run, banking crisis, Bernie Madoff, Black Swan, Bretton Woods, BRICs, British Empire, business cycle, buy and hold, collateralized debt obligation, computer age, corporate raider, creative destruction, 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, money market fund, Monroe Doctrine, moral hazard, mortgage debt, Myron Scholes, new economy, oil shale / tar sands, oil shock, old-boy network, peak oil, plutocrats, Plutocrats, Ponzi scheme, profit maximization, Renaissance Technologies, reserve currency, risk tolerance, risk/return, Robert Shiller, Robert Shiller, Ronald Reagan, Satyajit Das, 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.


pages: 395 words: 116,675

The Evolution of Everything: How New Ideas Emerge by Matt Ridley

"Robert Solow", affirmative action, Affordable Care Act / Obamacare, Albert Einstein, Alfred Russel Wallace, AltaVista, altcoin, anthropic principle, anti-communist, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Boris Johnson, British Empire, Broken windows theory, Columbian Exchange, computer age, Corn Laws, cosmological constant, creative destruction, Credit Default Swap, crony capitalism, crowdsourcing, cryptocurrency, David Ricardo: comparative advantage, demographic transition, Deng Xiaoping, discovery of DNA, Donald Davies, double helix, Downton Abbey, Edward Glaeser, Edward Lorenz: Chaos theory, Edward Snowden, endogenous growth, epigenetics, Ethereum, ethereum blockchain, facts on the ground, falling living standards, Ferguson, Missouri, financial deregulation, financial innovation, Frederick Winslow Taylor, Geoffrey West, Santa Fe Institute, George Gilder, George Santayana, Gunnar Myrdal, Henri Poincaré, hydraulic fracturing, imperial preference, income per capita, indoor plumbing, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Isaac Newton, Jane Jacobs, Jeff Bezos, joint-stock company, Joseph Schumpeter, Kenneth Arrow, Kevin Kelly, Khan Academy, knowledge economy, land reform, Lao Tzu, long peace, Lyft, M-Pesa, Mahatma Gandhi, Mark Zuckerberg, means of production, meta analysis, meta-analysis, mobile money, money: store of value / unit of account / medium of exchange, Mont Pelerin Society, moral hazard, Necker cube, obamacare, out of africa, packet switching, peer-to-peer, phenotype, Pierre-Simon Laplace, price mechanism, profit motive, RAND corporation, random walk, Ray Kurzweil, rent-seeking, reserve currency, Richard Feynman, rising living standards, road to serfdom, Ronald Coase, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, sharing economy, smart contracts, South Sea Bubble, Steve Jobs, Steven Pinker, The Wealth of Nations by Adam Smith, Thorstein Veblen, transaction costs, twin studies, uber lyft, women in the workforce

The China price Surely, though, the great financial crisis that began in 2008 was caused by too little regulation, and too much greed? So at least goes the conventional wisdom. The repeal of the Glass-Steagall Act (which separated banking and securities trading) in 1999 was the culmination of a decade of financial deregulation, according to this view. Like so much conventional wisdom, this is almost wholly wrong. As the author George Gilder comments, in the run-up to the crisis, ‘every large institution was thronged with examiners, overseers, supervisors, inspectors, monitors, compliance officers and a menagerie of other regulatory constabulary’. These invariably gave the institutions a clean bill of health right up till the moment they declared them in need of bail-out. The Independent National Mortgage Corporation, which collapsed in 2008, costing $11 billion to the FDIC plus losses to depositors and creditors, had hosted up to forty government examiners on site, all of whom gave Indymac high ratings.


pages: 482 words: 122,497

The Wrecking Crew: How Conservatives Rule by Thomas Frank

affirmative action, anti-communist, barriers to entry, Berlin Wall, Bernie Madoff, British Empire, business cycle, 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, Nelson Mandela, 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.


pages: 504 words: 126,835

The Innovation Illusion: How So Little Is Created by So Many Working So Hard by Fredrik Erixon, Bjorn Weigel

"Robert Solow", Airbnb, Albert Einstein, American ideology, asset allocation, autonomous vehicles, barriers to entry, Basel III, Bernie Madoff, bitcoin, Black Swan, blockchain, BRICs, Burning Man, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, Clayton Christensen, Colonization of Mars, commoditize, corporate governance, corporate social responsibility, creative destruction, crony capitalism, dark matter, David Graeber, David Ricardo: comparative advantage, discounted cash flows, distributed ledger, Donald Trump, Elon Musk, Erik Brynjolfsson, fear of failure, first square of the chessboard / second half of the chessboard, Francis Fukuyama: the end of history, George Gilder, global supply chain, global value chain, Google Glasses, Google X / Alphabet X, Gordon Gekko, high net worth, hiring and firing, Hyman Minsky, income inequality, income per capita, index fund, industrial robot, Internet of things, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kevin Kelly, knowledge economy, laissez-faire capitalism, Lyft, manufacturing employment, Mark Zuckerberg, market design, Martin Wolf, mass affluent, means of production, Mont Pelerin Society, Network effects, new economy, offshore financial centre, pensions crisis, Peter Thiel, Potemkin village, price mechanism, principal–agent problem, Productivity paradox, QWERTY keyboard, RAND corporation, Ray Kurzweil, rent-seeking, risk tolerance, risk/return, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, Steve Ballmer, Steve Jobs, Steve Wozniak, technological singularity, telemarketer, The Chicago School, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, transportation-network company, tulip mania, Tyler Cowen: Great Stagnation, uber lyft, University of East Anglia, unpaid internship, Vanguard fund, Yogi Berra

Tech thinker Kevin Kelly has prophesied the rise of a new form of socialism as a consequence of unobstructed source technology and community-generated content.20 Capitalism is a highly adaptive creature, argues the contrarian economic reporter Paul Mason, but it is not going to survive the current revolution in information technology.21 Information, he argues, will destroy the price mechanism and new forms of collaborative production will do away with what is left of market capitalism. The passion for technological determinism also thrives on the other side of the ideological fence. “The Goliath of totalitarianism will be brought down by the David of the microchip,” mused conservative icon Ronald Reagan,22 who drew heavily from technology enthusiasts like George Gilder, an economist who later identified the billion-transistor chip as the cure to root out all economic evil.23 A British libertarian politician has predicted that the new digital age will be the end of politics.24 Neoconservatives similarly were quick to embrace the revolutionary promise of technology. In his thought-provoking but often misunderstood book The End of History and the Last Man, Francis Fukuyama charted the idea of a progressive relationship between technology in modern consumer culture and capitalism.


pages: 382 words: 120,064

Bank 3.0: Why Banking Is No Longer Somewhere You Go but Something You Do by Brett King

3D printing, additive manufacturing, Airbus A320, 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, fixed income, 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, Kickstarter, London Interbank Offered Rate, M-Pesa, Mark Zuckerberg, mass affluent, Metcalfe’s law, microcredit, mobile money, more computing power than Apollo, Northern Rock, Occupy movement, optical character recognition, peer-to-peer, performance metric, Pingit, platform as a service, QR code, QWERTY keyboard, Ray Kurzweil, recommendation engine, RFID, risk tolerance, Robert Metcalfe, self-driving car, Skype, speech recognition, stem cell, telepresence, Tim Cook: Apple, transaction costs, underbanked, US Airways Flight 1549, 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.


pages: 476 words: 132,042

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, Douglas Engelbart, 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, Joan Didion, John Conway, John Markoff, John von Neumann, Kevin Kelly, knowledge economy, Lao Tzu, life extension, Louis Daguerre, Marshall McLuhan, megacity, meta analysis, meta-analysis, new economy, off grid, out of africa, performance metric, personalized medicine, phenotype, Picturephone, planetary scale, RAND corporation, random walk, Ray Kurzweil, recommendation engine, refrigerator car, Richard Florida, Rubik’s Cube, 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, wealth creators, 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.


pages: 372 words: 152

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, Paul Samuelson, 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.


pages: 436 words: 76

Culture and Prosperity: The Truth About Markets - Why Some Nations Are Rich but Most Remain Poor by John Kay

"Robert Solow", Albert Einstein, Asian financial crisis, Barry Marshall: ulcers, Berlin Wall, Big bang: deregulation of the City of London, business cycle, 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, Gunnar Myrdal, haute couture, illegal immigration, income inequality, industrial cluster, information asymmetry, intangible asset, invention of the telephone, invention of the wheel, invisible hand, John Meriwether, John Nash: game theory, John von Neumann, Kenneth Arrow, Kevin Kelly, knowledge economy, light touch regulation, 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, Myron Scholes, Naomi Klein, Nash equilibrium, new economy, oil shale / tar sands, oil shock, Pareto efficiency, Paul Samuelson, 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, Right to Buy, 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 Market for Lemons, The Nature of the Firm, the new new thing, The Predators' Ball, The Wealth of Nations by Adam Smith, Thorstein Veblen, total factor productivity, transaction costs, tulip mania, urban decay, Vilfredo Pareto, 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.


pages: 460 words: 131,579

Masters of Management: How the Business Gurus and Their Ideas Have Changed the World—for Better and for Worse by Adrian Wooldridge

affirmative action, barriers to entry, Black Swan, blood diamonds, borderless world, business climate, business cycle, business intelligence, business process, carbon footprint, Cass Sunstein, Clayton Christensen, cloud computing, collaborative consumption, collapse of Lehman Brothers, collateralized debt obligation, commoditize, corporate governance, corporate social responsibility, creative destruction, credit crunch, crowdsourcing, David Brooks, David Ricardo: comparative advantage, disintermediation, disruptive innovation, don't be evil, Donald Trump, Edward Glaeser, Exxon Valdez, financial deregulation, Frederick Winslow Taylor, future of work, George Gilder, global supply chain, industrial cluster, intangible asset, job satisfaction, job-hopping, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kickstarter, knowledge economy, knowledge worker, lake wobegon effect, Long Term Capital Management, low skilled workers, Mark Zuckerberg, McMansion, means of production, Menlo Park, mobile money, Naomi Klein, Netflix Prize, Network effects, new economy, Nick Leeson, Norman Macrae, patent troll, Ponzi scheme, popular capitalism, post-industrial society, profit motive, purchasing power parity, Ralph Nader, recommendation engine, Richard Florida, Richard Thaler, risk tolerance, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, Silicon Valley startup, Skype, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Steven Levy, supply-chain management, technoutopianism, The Wealth of Nations by Adam Smith, Thomas Davenport, Tony Hsieh, too big to fail, wealth creators, women in the workforce, young professional, Zipcar

Jorma Ollila transformed Nokia, a long-established Finnish firm, from a maker of rubber boots and cables into a mobile-phone giant that is still, for all its current troubles, the world’s biggest producer of handsets. It would be perverse to exclude such men from the pantheon of entrepreneurs. The subject of entrepreneurship is befuddled by myths as well as befogged by linguistic confusion. One myth is that entrepreneurs are “orphans and outcasts,” to borrow George Gilder’s phrase: lonely Atlases battling a hostile world or antisocial geeks inventing world-changing gizmos in their fetid garrets. In fact, entrepreneurship, like all business, is a social activity. Entrepreneurs may be more inner-directed and self-obsessed than the usual corporate types, but they almost always require business partners and social networks in order to succeed. The history of high-tech startups is largely a history of business partnerships: Steve Jobs and Stephen Wozniak (Apple), Bill Gates and Steven Balmer (Microsoft), Sergey Brin and Larry Page (Google).


pages: 525 words: 146,126

Ayn Rand Cult by Jeff Walker

affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, buy and hold, credit crunch, deindustrialization, dematerialisation, Doomsday Book, Elliott wave, George Gilder, Jane Jacobs, laissez-faire capitalism, market fundamentalism, Mont Pelerin Society, price stability, Ralph Waldo Emerson, road to serfdom, Ronald Reagan, Saturday Night Live, school vouchers, Torches of Freedom

On the other hand, the Stirnerian motto that “Nothing is higher for me than myself”—and here he most emphatically includes any doctrine that does not unreservedly serve even the most eccentric of one’s personal interests and whims—might have been helpful to Randians whose grim selfishness came to mean living a life that Rand, or Branden, or Peikoff, would approve of. Classical liberals since Adam Smith have taken for granted that the pursuit of self-interest, apart from being unavoidable, is also beneficial to everyone when there is competition. But they don’t share Rand’s rosy view of total selfishness. George Gilder suggests that selfishness, in the dictionary sense, leads to a desire for unearned benefits and to organized pressure on the state to provide them. Ryerson contends that “special favors sought from government by this or that business are driven by selfishness, by contempt for the common good, and are bad not because they fail to serve the selfishness of the beneficiary (which they obviously do), but because they distort fair conditions of business competition.”


Howard Rheingold by The Virtual Community Homesteading on the Electronic Frontier-Perseus Books (1993)

Apple II, Brewster Kahle, Buckminster Fuller, commoditize, conceptual framework, Douglas Engelbart, Douglas Engelbart, Electric Kool-Aid Acid Test, experimental subject, George Gilder, global village, Hacker Ethic, Haight Ashbury, Howard Rheingold, HyperCard, John Markoff, Kevin Kelly, knowledge worker, license plate recognition, loose coupling, Marshall McLuhan, Menlo Park, meta analysis, meta-analysis, Mitch Kapor, packet switching, Panopticon Jeremy Bentham, profit motive, RAND corporation, Ray Oldenburg, rent control, RFC: Request For Comment, Ronald Reagan, Saturday Night Live, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, technoutopianism, Ted Nelson, telepresence, The Great Good Place, The Hackers Conference, urban decay, Whole Earth Catalog, Whole Earth Review, young professional

In the private sector, telecommunication companies, television networks, computer companies, cable companies, and newspapers 26-04-2012 21:41 howard rheingold's | the virtual community 13 de 18 http://www.rheingold.com/vc/book/intro.html in the United States, Europe, and Japan are jockeying for position in the nascent "home interactive information services industry." Corporations are investing hundreds of millions of dollars in the infrastructure for new media they hope will make them billions of dollars. Every flavor of technological futurist, from Alvin Toffler and John Naisbitt to Peter Drucker and George Gilder, base utopian hopes on "the information age" as a techno-fix for social problems. Yet little is known about the impact these newest media might have on our daily lives, our minds, our families, even the future of democracy. CMC has the potential to change our lives on three different, but strongly interinfluential, levels. First, as individual human beings, we have perceptions, thoughts, and personalities (already shaped by other communications technologies) that are affected by the ways we use the medium and the ways it uses us.


pages: 454 words: 139,350

Jihad vs. McWorld: Terrorism's Challenge to Democracy by Benjamin Barber

airport security, anti-communist, Apple's 1984 Super Bowl advert, Ayatollah Khomeini, Berlin Wall, borderless world, Bretton Woods, British Empire, computer age, Corn Laws, Corrections Corporation of America, David Brooks, deindustrialization, Deng Xiaoping, digital map, Fall of the Berlin Wall, Francis Fukuyama: the end of history, full employment, George Gilder, global village, invisible hand, Joan Didion, Kevin Kelly, laissez-faire capitalism, late capitalism, Live Aid, market fundamentalism, Marshall McLuhan, minimum wage unemployment, new economy, Norbert Wiener, North Sea oil, pirate software, postnationalism / post nation state, profit motive, race to the bottom, Right to Buy, road to serfdom, Ronald Reagan, The Wealth of Nations by Adam Smith, Thomas L Friedman, undersea cable, young professional, zero-sum game

Wriston, who is the former chairman of Citicorp, is a little too much of a technological Pangloss, however, and his tendency to think it will all turn out in the end, as long as we recognize the new realities, detracts a little from his careful analysis of those realities. He relies heavily on earlier books on the information revolution and its effect on nationhood, like Ithiel de Sola Pool’s Technologies Without Boundaries (Cambridge: Harvard University Press, 1990); Peter Drucker’s The New Realities (New York: Harper & Row, 1989); and George Gilder’s Microcosm (New York: Simon & Schuster, 1989). An early study is F. A. Hayek’s Denationalisation of Money (London: Institute of Economic Affairs, 1976). 21. Former Secretary of State George Shultz as cited by Wriston, Twilight, p. 10. 22. The return of the Democratic Party to executive power in the United States thus changed nothing with respect to this market ideology. President Clinton was closely associated with the Democratic Leadership Council whose research arm was keen to put aside traditional democratic antibusiness rhetoric and make markets and government serve one another.


pages: 515 words: 143,055

The Attention Merchants: The Epic Scramble to Get Inside Our Heads by Tim Wu

1960s counterculture, Affordable Care Act / Obamacare, AltaVista, Andrew Keen, anti-communist, Apple II, Apple's 1984 Super Bowl advert, barriers to entry, Bob Geldof, borderless world, Brownian motion, Burning Man, Cass Sunstein, citizen journalism, colonial rule, East Village, future of journalism, George Gilder, Golden Gate Park, Googley, Gordon Gekko, housing crisis, informal economy, Internet Archive, Jaron Lanier, Jeff Bezos, jimmy wales, Live Aid, Mark Zuckerberg, Marshall McLuhan, McMansion, Nate Silver, Network effects, Nicholas Carr, placebo effect, post scarcity, race to the bottom, road to serfdom, Saturday Night Live, science of happiness, self-driving car, side project, Silicon Valley, slashdot, Snapchat, Steve Jobs, Steve Wozniak, Steven Levy, Ted Nelson, telemarketer, the built environment, The Chicago School, the scientific method, The Structural Transformation of the Public Sphere, Tim Cook: Apple, Torches of Freedom, Upton Sinclair, upwardly mobile, white flight, zero-sum game

Netflix’s success was a token of something unexpected despite having roots in the early 2000s. Television, the idiot box, the dreaded “unity machine,” the reviled “boob tube,” was declared by the smart money to be dead meat in the twenty-first century, destined perhaps to survive out of sheer inertia serving the poor and elderly shut-ins but eventually to go the way of the typewriter or horse and buggy. Always ahead of everyone in being wrong, the futurist George Gilder had published a book in 1990 entitled Life After Television. By 2007, even Damon Lindelof, co-creator of the hit series Lost, was boldly ready to wrongly proclaim that “television is dying.”4 Many of the cable networks suffered from disenchantment caused by the slow surrender to pointless spectacle and inane personality. At the same time, however, the purveyors of high-quality, commercial-free programs—not only Netflix but HBO even earlier, as well as other networks like A&E and Showtime—began suddenly to prosper and attract audiences that approached the size of those attending prime time at its peak.


pages: 586 words: 159,901

Wall Street: How It Works And for Whom by Doug Henwood

accounting loophole / creative accounting, activist fund / activist shareholder / activist investor, affirmative action, Andrei Shleifer, asset allocation, asset-backed security, bank run, banking crisis, barriers to entry, borderless world, Bretton Woods, British Empire, business cycle, capital asset pricing model, capital controls, central bank independence, computerized trading, corporate governance, corporate raider, 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, information asymmetry, interest rate swap, Internet Archive, invisible hand, Irwin Jacobs, Isaac Newton, joint-stock company, Joseph Schumpeter, kremlinology, labor-force participation, late capitalism, law of one price, liberal capitalism, liquidationism / Banker’s doctrine / the Treasury view, London Interbank Offered Rate, Louis Bachelier, market bubble, Mexican peso crisis / tequila crisis, microcredit, minimum wage unemployment, money market fund, moral hazard, mortgage debt, mortgage tax deduction, Myron Scholes, oil shock, Paul Samuelson, payday loans, pension reform, plutocrats, Plutocrats, price mechanism, price stability, prisoner's dilemma, profit maximization, publication bias, Ralph Nader, random walk, reserve currency, Richard Thaler, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, selection bias, shareholder value, short selling, Slavoj Žižek, South Sea Bubble, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, 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.


pages: 386

Good Money: Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821 by George Anthony Selgin

British Empire, correlation coefficient, George Gilder, invention of the steam engine, Isaac Newton, James Watt: steam engine, large denomination, lone genius, profit motive, RAND corporation, school choice, seigniorage, The Wealth of Nations by Adam Smith

The resulting studies are widely distributed as books and other publications, and are publicly debated in numerous conference and media programs. Through this uncommon depth and clarity, the Independent Institute expands the frontiers of our knowledge, redefines the debate over public issues, and fosters new and effective directions for government reform. FOUNDER & PRESIDENT David J. Theroux George Gilder Nathan Rosenberg DISCOVERY INSTITUTE STANFORD UNIVERSITY Nathan Glazer Simon Rottenberg RESEARCH DIRECTOR HARVARD UNIVERSITY UNIVERSITY OF MASSACHUSETTS Alexander Tabarrok Ronald Hamowy SENIOR FELLOWS Bruce L. Benson Ivan Eland Robert Higgs Alvaro Vargas Llosa Charles V. Pena William F. Shughart II Richard K. Vedder ACADEMIC ADVISORS UNIVERSITY OF ALBERTA, CANADA Paul H. Rubin EMORY UNIVERSITY Steve H.


pages: 538 words: 147,612

All the Money in the World by Peter W. Bernstein

Albert Einstein, anti-communist, Berlin Wall, Bill Gates: Altair 8800, call centre, Charles Lindbergh, corporate governance, corporate raider, creative destruction, currency peg, David Brooks, Donald Trump, estate planning, family office, financial innovation, George Gilder, high net worth, invisible hand, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, job-hopping, John Markoff, Long Term Capital Management, Marc Andreessen, Martin Wolf, Maui Hawaii, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, new economy, Norman Mailer, 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, the new new thing, Thorstein Veblen, too big to fail, traveling salesman, urban planning, wealth creators, 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.


pages: 506 words: 146,607

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, fixed income, George Gilder, high net worth, informal economy, margin call, mass immigration, new economy, pets.com, Robert Metcalfe, rolodex, Saturday Night Live, shareholder value, short selling, Silicon Valley, stem cell, Telecommunications Act of 1996, thinkpad, traveling salesman, undersea cable

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.


pages: 585 words: 151,239

Capitalism in America: A History by Adrian Wooldridge, Alan Greenspan

"Robert Solow", 2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, Affordable Care Act / Obamacare, agricultural Revolution, air freight, Airbnb, airline deregulation, American Society of Civil Engineers: Report Card, Asian financial crisis, bank run, barriers to entry, Berlin Wall, Bonfire of the Vanities, Bretton Woods, British Empire, business climate, business cycle, business process, California gold rush, Charles Lindbergh, cloud computing, collateralized debt obligation, collective bargaining, Corn Laws, corporate governance, corporate raider, creative destruction, credit crunch, debt deflation, Deng Xiaoping, disruptive innovation, Donald Trump, edge city, Elon Musk, equal pay for equal work, Everybody Ought to Be Rich, Fall of the Berlin Wall, fiat currency, financial deregulation, financial innovation, fixed income, full employment, George Gilder, germ theory of disease, global supply chain, hiring and firing, income per capita, indoor plumbing, informal economy, interchangeable parts, invention of the telegraph, invention of the telephone, Isaac Newton, Jeff Bezos, jimmy wales, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Rogoff, Kitchen Debate, knowledge economy, knowledge worker, labor-force participation, Louis Pasteur, low skilled workers, manufacturing employment, market bubble, Mason jar, mass immigration, means of production, Menlo Park, Mexican peso crisis / tequila crisis, minimum wage unemployment, mortgage debt, Myron Scholes, Network effects, new economy, New Urbanism, Northern Rock, oil rush, oil shale / tar sands, oil shock, Peter Thiel, plutocrats, Plutocrats, popular capitalism, post-industrial society, postindustrial economy, price stability, Productivity paradox, purchasing power parity, Ralph Nader, Ralph Waldo Emerson, RAND corporation, refrigerator car, reserve currency, rising living standards, road to serfdom, Robert Gordon, Ronald Reagan, Sand Hill Road, savings glut, secular stagnation, Silicon Valley, Silicon Valley startup, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, South Sea Bubble, sovereign wealth fund, stem cell, Steve Jobs, Steve Wozniak, strikebreaker, supply-chain management, The Great Moderation, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, too big to fail, total factor productivity, trade route, transcontinental railway, tulip mania, Tyler Cowen: Great Stagnation, union organizing, Unsafe at Any Speed, Upton Sinclair, urban sprawl, Vannevar Bush, War on Poverty, washing machines reduced drudgery, Washington Consensus, white flight, wikimedia commons, William Shockley: the traitorous eight, women in the workforce, Works Progress Administration, Yom Kippur War, young professional

Howard Schultz provided America with an alternative to bad coffee with a start-up, Starbucks, that began in the far northwest of the country and then spread to every corner of the land. Fred Smith created a transportation business, FedEx, with a business plan that was so counterintuitive (send all packages to a central hub before sending them to their final destination) that his professor at Yale gave him a C when he first outlined the idea. Americans celebrated entrepreneurship with renewed enthusiasm: Entrepreneur magazine, founded in 1977, boomed. George Gilder and Michael Novak praised entrepreneurs as the great agents of economic change. Peter Drucker, who had made his name dissecting big companies, most notably General Motors in Concept of the Corporation, published a spirited book on entrepreneurship, Innovation and Entrepreneurship (1985). The new generation of entrepreneurs could draw on three resources that existed more abundantly in America than elsewhere, and that, when combined with an entrepreneur-friendly president in Washington, produced a business revolution.


pages: 501 words: 145,943

If Mayors Ruled the World: Dysfunctional Nations, Rising Cities by Benjamin R. Barber

Affordable Care Act / Obamacare, American Legislative Exchange Council, Berlin Wall, bike sharing scheme, borderless world, Boris Johnson, Bretton Woods, British Empire, car-free, carbon footprint, Cass Sunstein, Celebration, Florida, clean water, corporate governance, crowdsourcing, David Brooks, desegregation, Detroit bankruptcy, digital Maoism, disintermediation, edge city, Edward Glaeser, Edward Snowden, Etonian, failed state, Fall of the Berlin Wall, feminist movement, Filter Bubble, George Gilder, ghettoisation, global pandemic, global village, Hernando de Soto, Howard Zinn, illegal immigration, In Cold Blood by Truman Capote, income inequality, informal economy, information retrieval, Jane Jacobs, Jaron Lanier, Jeff Bezos, London Interbank Offered Rate, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, megacity, microcredit, Mikhail Gorbachev, mortgage debt, mutually assured destruction, new economy, New Urbanism, Nicholas Carr, Norman Mailer, nuclear winter, obamacare, Occupy movement, Panopticon Jeremy Bentham, Peace of Westphalia, Pearl River Delta, peer-to-peer, planetary scale, plutocrats, Plutocrats, profit motive, Ralph Waldo Emerson, RFID, Richard Florida, Ronald Reagan, self-driving car, Silicon Valley, Skype, smart cities, smart meter, Steve Jobs, Stewart Brand, Telecommunications Act of 1996, The Death and Life of Great American Cities, The Fortune at the Bottom of the Pyramid, The Wealth of Nations by Adam Smith, Tobin tax, Tony Hsieh, trade route, UNCLOS, UNCLOS, unpaid internship, urban sprawl, War on Poverty, zero-sum game

“Cities do not depend on the entire nation state for their growth” although “neither do they exist on their own here—they depend on surrounding regions.”10 No one since Jane Jacobs has made the argument for creative invention as an engine of urban growth and reform as compellingly (and controversially) as Richard Florida, with his focus on the captivating notion of the creative class. “Urban centers,” he writes, “have long been crucibles for innovation and creativity. Now they are coming back. Their turnaround is driven in large measure by the attitudes and location choices of the Creative Class.”11 Citing George Gilder, Florida recognizes that traditional big cities may reflect “leftover baggage from the industrial era.” They create conditions of stagnation and economic suburbanization (sprawl), and they encourage the development of so-called edge cities that actually undermine urbanity. Yet he sees too that neither size nor density is a crucial measure of what energizes the city or allows it to recover from downturns.


pages: 467 words: 149,632

If Then: How Simulmatics Corporation Invented the Future by Jill Lepore

A Declaration of the Independence of Cyberspace, anti-communist, Buckminster Fuller, computer age, coronavirus, cuban missile crisis, desegregation, don't be evil, Donald Trump, Elon Musk, game design, George Gilder, Grace Hopper, Hacker Ethic, Howard Zinn, index card, information retrieval, Jaron Lanier, Jeff Bezos, Jeffrey Epstein, job automation, land reform, linear programming, Mahatma Gandhi, Marc Andreessen, Mark Zuckerberg, mass incarceration, Maui Hawaii, Menlo Park, New Journalism, New Urbanism, Norbert Wiener, Norman Mailer, packet switching, Peter Thiel, profit motive, RAND corporation, Robert Bork, Ronald Reagan, Rosa Parks, self-driving car, Silicon Valley, smart cities, South China Sea, Stewart Brand, technoutopianism, Telecommunications Act of 1996, urban renewal, War on Poverty, white flight, Whole Earth Catalog

The Intellectual Legacy of Ithiel de Sola Pool,” in IP, Humane Politics and Methods of Inquiry, ed. Lloyd S. Etheredge (New Brunswick, NJ: Transaction Publishers, 2000), 301–16. Stewart Brand, The Media Lab: Inventing the Future at M.I.T. (New York: Viking, 1987), 18, 44, 214–19, 253, 267. Ibid., 33. Ibid., 183–84, 222–32. Stewart Brand, “We Owe It All to the Hippies,” Time, March 1, 1995. Esther Dyson, George Gilder, George Keyworth, and Alvin Toffler, Cyberspace and the American Dream: A Magna Carta for the Knowledge Age (Progress and Freedom Foundation, 1994). John Perry Barlow, “A Declaration of the Independence of Cyberspace,” February 8, 1996. IP, Questionnaire, undated, Pool Papers, Box 59, Folder “Contact Nets Diary.” John McPhee, “Link with Local History Lost,” Alamogordo [NM] Daily News, April 10, 1998.


pages: 486 words: 150,849

Evil Geniuses: The Unmaking of America: A Recent History by Kurt Andersen

affirmative action, Affordable Care Act / Obamacare, airline deregulation, airport security, always be closing, American ideology, American Legislative Exchange Council, anti-communist, Apple's 1984 Super Bowl advert, artificial general intelligence, autonomous vehicles, basic income, Bernie Sanders, blue-collar work, Bonfire of the Vanities, bonus culture, Burning Man, call centre, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, centre right, computer age, coronavirus, corporate governance, corporate raider, COVID-19, Covid-19, creative destruction, Credit Default Swap, cryptocurrency, deindustrialization, Donald Trump, Elon Musk, ending welfare as we know it, Erik Brynjolfsson, feminist movement, financial deregulation, financial innovation, Francis Fukuyama: the end of history, future of work, game design, George Gilder, Gordon Gekko, greed is good, High speed trading, hive mind, income inequality, industrial robot, interchangeable parts, invisible hand, Isaac Newton, James Watt: steam engine, Jane Jacobs, Jaron Lanier, Jeff Bezos, jitney, Joan Didion, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Joseph Schumpeter, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, market bubble, mass immigration, mass incarceration, Menlo Park, Naomi Klein, new economy, Norbert Wiener, Norman Mailer, obamacare, Peter Thiel, Picturephone, plutocrats, Plutocrats, post-industrial society, Powell Memorandum, pre–internet, Ralph Nader, Right to Buy, road to serfdom, Robert Bork, Robert Gordon, Robert Mercer, Ronald Reagan, Saturday Night Live, Seaside, Florida, Second Machine Age, shareholder value, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, Stewart Brand, strikebreaker, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Tim Cook: Apple, too big to fail, trickle-down economics, Tyler Cowen: Great Stagnation, Uber and Lyft, uber lyft, union organizing, universal basic income, Unsafe at Any Speed, urban planning, urban renewal, very high income, wage slave, Wall-E, War on Poverty, Whole Earth Catalog, winner-take-all economy, women in the workforce, working poor, young professional, éminence grise

Another new think tank funded by usual suspects among the right-wing foundations, the Manhattan Institute, incubated two widely read, very influential books. With Olin money, the institute funded an unknown political scientist named Charles Murray to write Losing Ground: American Social Policy, 1950–1980, which argued that federal antipoverty programs actually caused poverty by encouraging recipients to be lazy and irresponsible, and that such programs should be scrapped. The other book was written by one of the institute’s staff, George Gilder, a well-born New York liberal anti-Goldwater Republican in the 1960s who in the 1970s became a kooky right-winger. His book Wealth and Poverty, published just as Reagan took office, is a strange, breezy religious-faith-based sermon in defense of U.S. capitalism, including its supposed prehistoric roots in the customs of indigenous cultures. “The official poor in America have higher incomes and purchasing power than the middle class” had in the 1950s, Gilder wrote.


The Origins of the Urban Crisis by Sugrue, Thomas J.

affirmative action, business climate, collective bargaining, correlation coefficient, creative destruction, Credit Default Swap, deindustrialization, desegregation, Detroit bankruptcy, Ford paid five dollars a day, George Gilder, ghettoisation, Gunnar Myrdal, hiring and firing, housing crisis, income inequality, indoor plumbing, informal economy, invisible hand, job automation, jobless men, Joseph Schumpeter, labor-force participation, low-wage service sector, manufacturing employment, mass incarceration, New Urbanism, oil shock, pink-collar, postindustrial economy, rent control, Richard Florida, Ronald Reagan, side project, Silicon Valley, strikebreaker, The Bell Curve by Richard Herrnstein and Charles Murray, The Chicago School, union organizing, upwardly mobile, urban planning, urban renewal, War on Poverty, white flight, working-age population, Works Progress Administration

.: Princeton University Press, 1993), 85–117. 4. Edward C. Banfield, The Unheavenly City: The Nature and Future of Our Urban Crisis (Boston: Little, Brown, 1968); E. Franklin Frazier, The Negro Family in the United States (Chicago: University of Chicago Press, 1939); Lee Rainwater and William L. Yancey, eds., The Moynihan Report and the Politics of Controversy (Cambridge, Mass.: MIT Press, 1967). More recent works include George Gilder, Wealth and Poverty (New York: Basic Books, 1981); Charles Murray, Losing Ground: American Social Policy, 1950–1980 (New York: Basic Books, 1984); Myron Magnet, The Nightmare and the Dream: The Sixties Legacy to the Underclass (New York: William Morrow, 1993); Lawrence Mead, The New Politics of Poverty (New York: Basic Books, 1992). Many liberal authors have picked up these themes as well. See, especially, Ken Auletta, The Underclass (New York: Random House, 1982); Nicholas Lemann, “The Origins of the Underclass,” Atlantic, June 1986, 31–55 July 1986, 54–68; Christopher Jencks, Rethinking Social Policy (Cambridge, Mass.: Harvard University Press, 1993); Isabel Sawhill, “The Underclass: An Overview,” Public Interest 96 (Summer 1989): 3–15.


pages: 604 words: 161,455

The Moral Animal: Evolutionary Psychology and Everyday Life by Robert Wright

"Robert Solow", agricultural Revolution, Andrei Shleifer, Asian financial crisis, British Empire, centre right, cognitive dissonance, double entry bookkeeping, double helix, fault tolerance, Francis Fukuyama: the end of history, George Gilder, global village, invention of gunpowder, invention of movable type, invention of the telegraph, invention of writing, invisible hand, John Nash: game theory, John von Neumann, Marshall McLuhan, Norbert Wiener, planetary scale, pre–internet, profit motive, Ralph Waldo Emerson, random walk, Richard Thaler, rising living standards, Silicon Valley, social intelligence, social web, Steven Pinker, talking drums, the medium is the message, The Wealth of Nations by Adam Smith, trade route, your tax dollars at work, zero-sum game

True now; true a century ago, as steamships plied the waterways, telegraph lines crossed oceans, and railroads criss-crossed continents; true five centuries ago, when Columbus crossed the Atlantic; true two millennia ago, when the Silk Road took shape. Ever since boats were paddled and trails were blazed, distance has become less and less an obstacle to contact. As transportation and communication get smoother and cheaper, long-distance trade and collaboration make more sense. Not-so-new feature #2: The “Ideas” Economy. According to the futurist George Gilder, the second half of the twentieth century saw the dawning of the “microcosmic” era, which brought “the ascendancy of information and mind in contemporary technology, and hence in economics as well.” Thus, the value of computer hardware “resides in the ideas rather than in their material embodiment.” Gilder has a point: you won’t recover much of the original cost of a new computer if you sell it as scrap metal.


pages: 585 words: 165,304

Trust: The Social Virtue and the Creation of Prosperity by Francis Fukuyama

barriers to entry, Berlin Wall, blue-collar work, business climate, business cycle, capital controls, collective bargaining, corporate governance, corporate raider, creative destruction, 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, Gunnar Myrdal, hiring and firing, industrial robot, Jane Jacobs, job satisfaction, joint-stock company, joint-stock limited liability company, Joseph Schumpeter, Kenneth Arrow, land reform, liberal capitalism, liberation theology, 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.


pages: 558 words: 168,179

Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right by Jane Mayer

affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, 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, corporate raider, 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, Intergovernmental Panel on Climate Change (IPCC), invisible hand, job automation, low skilled workers, mandatory minimum, market fundamentalism, mass incarceration, 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, Powell Memorandum, Ralph Nader, Renaissance Technologies, road to serfdom, Robert Mercer, 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.


pages: 614 words: 174,226

The Economists' Hour: How the False Prophets of Free Markets Fractured Our Society by Binyamin Appelbaum

"Robert Solow", airline deregulation, Alvin Roth, Andrei Shleifer, anti-communist, battle of ideas, Benoit Mandelbrot, Big bang: deregulation of the City of London, Bretton Woods, British Empire, business cycle, capital controls, Carmen Reinhart, Cass Sunstein, Celtic Tiger, central bank independence, clean water, collective bargaining, Corn Laws, correlation does not imply causation, Credit Default Swap, currency manipulation / currency intervention, David Ricardo: comparative advantage, deindustrialization, Deng Xiaoping, desegregation, Diane Coyle, Donald Trump, ending welfare as we know it, financial deregulation, financial innovation, fixed income, floating exchange rates, full employment, George Akerlof, George Gilder, Gini coefficient, greed is good, Growth in a Time of Debt, income inequality, income per capita, index fund, inflation targeting, invisible hand, Isaac Newton, Jean Tirole, John Markoff, Kenneth Arrow, Kenneth Rogoff, land reform, Long Term Capital Management, low cost airline, manufacturing employment, means of production, Menlo Park, minimum wage unemployment, Mohammed Bouazizi, money market fund, Mont Pelerin Society, Network effects, new economy, oil shock, Paul Samuelson, Philip Mirowski, plutocrats, Plutocrats, price stability, profit motive, Ralph Nader, RAND corporation, rent control, rent-seeking, Richard Thaler, road to serfdom, Robert Bork, Robert Gordon, Ronald Coase, Ronald Reagan, Sam Peltzman, Silicon Valley, Simon Kuznets, starchitect, Steve Jobs, supply-chain management, The Chicago School, The Great Moderation, The Myth of the Rational Market, The Wealth of Nations by Adam Smith, Thomas Kuhn: the structure of scientific revolutions, transaction costs, trickle-down economics, ultimatum game, Unsafe at Any Speed, urban renewal, War on Poverty, Washington Consensus

Rodgers notes that Reagan “was fond of saying that his political opponents saw people only as members of groups; his party, to the contrary, saw the people of America as individuals.” This was evident in his rhetoric. “In Reagan’s very celebrations of the people, the plural noun tended to slip away, to skitter toward the singular.” It was an emphasis shared by many of the great rhetoricians of the free-market movement. “[George] Gilder’s heroically independent entrepreneurs, [Robert] Lucas’s forward-looking utility maximizers, [Jude] Wanniski’s fish and coconut traders, the Coase theorem’s rancher and farmer maximizing the public good as they stood on the courthouse steps. To imagine the market now was to imagine a socially detached array of economic actors, free to choose.” See Daniel T. Rodgers, The Age of Fracture (Cambridge: Belknap Press, 2003). 37.


pages: 603 words: 182,781

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, Boris Johnson, British Empire, business cycle, call centre, carbon footprint, Cesare Marchetti: Marchetti’s constant, Charles Lindbergh, Clayton Christensen, cleantech, cognitive dissonance, commoditize, conceptual framework, credit crunch, David Brooks, David Ricardo: comparative advantage, Deng Xiaoping, deskilling, digital map, disruptive innovation, 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, intangible asset, interchangeable parts, Intergovernmental Panel on Climate Change (IPCC), intermodal, invention of the telephone, inventory management, invisible hand, Jane Jacobs, Jeff Bezos, Joan Didion, Kangaroo Route, Kickstarter, knowledge worker, kremlinology, low cost airline, Marchetti’s constant, Marshall McLuhan, Masdar, mass immigration, McMansion, megacity, Menlo Park, microcredit, Network effects, New Economic Geography, new economy, New Urbanism, oil shale / tar sands, oil shock, peak oil, Pearl River Delta, Peter Calthorpe, Peter Thiel, pets.com, pink-collar, pre–internet, RFID, Richard Florida, Ronald Coase, Ronald Reagan, Rubik’s Cube, 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, starchitect, 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, white picket fence, Yogi Berra, zero-sum game

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.


pages: 706 words: 206,202

Den of Thieves by James B. Stewart

corporate raider, creative destruction, discounted cash flows, diversified portfolio, fixed income, fudge factor, George Gilder, index arbitrage, Internet Archive, Irwin Jacobs, margin call, money market fund, 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.


The Code: Silicon Valley and the Remaking of America by Margaret O'Mara

"side hustle", A Declaration of the Independence of Cyberspace, accounting loophole / creative accounting, affirmative action, Airbnb, AltaVista, Amazon Web Services, Apple II, Apple's 1984 Super Bowl advert, autonomous vehicles, back-to-the-land, barriers to entry, Ben Horowitz, Berlin Wall, Bob Noyce, Buckminster Fuller, Burning Man, business climate, Byte Shop, California gold rush, carried interest, clean water, cleantech, cloud computing, cognitive dissonance, commoditize, computer age, continuous integration, cuban missile crisis, Danny Hillis, DARPA: Urban Challenge, deindustrialization, different worldview, don't be evil, Donald Trump, Doomsday Clock, Douglas Engelbart, Dynabook, Edward Snowden, El Camino Real, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Frank Gehry, George Gilder, gig economy, Googley, Hacker Ethic, high net worth, Hush-A-Phone, immigration reform, income inequality, informal economy, information retrieval, invention of movable type, invisible hand, Isaac Newton, Jeff Bezos, Joan Didion, job automation, job-hopping, John Markoff, Julian Assange, Kitchen Debate, knowledge economy, knowledge worker, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, mass immigration, means of production, mega-rich, Menlo Park, Mikhail Gorbachev, millennium bug, Mitch Kapor, Mother of all demos, move fast and break things, move fast and break things, mutually assured destruction, new economy, Norbert Wiener, old-boy network, pattern recognition, Paul Graham, Paul Terrell, paypal mafia, Peter Thiel, pets.com, pirate software, popular electronics, pre–internet, Ralph Nader, RAND corporation, Richard Florida, ride hailing / ride sharing, risk tolerance, Robert Metcalfe, Ronald Reagan, Sand Hill Road, Second Machine Age, self-driving car, shareholder value, side project, Silicon Valley, Silicon Valley ideology, Silicon Valley startup, skunkworks, Snapchat, social graph, software is eating the world, speech recognition, Steve Ballmer, Steve Jobs, Steve Wozniak, Steven Levy, Stewart Brand, supercomputer in your pocket, technoutopianism, Ted Nelson, the market place, the new new thing, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas L Friedman, Tim Cook: Apple, transcontinental railway, Uber and Lyft, uber lyft, Unsafe at Any Speed, upwardly mobile, Vannevar Bush, War on Poverty, We wanted flying cars, instead we got 140 characters, Whole Earth Catalog, WikiLeaks, William Shockley: the traitorous eight, Y Combinator, Y2K

The outfit might have been obscure, but the essay’s four authors were anything but. Taking the lead was Esther Dyson, whose annual PC Forum and monthly newsletter Release 1.0 had become the way the most powerful people in tech learned about the future. Then came “Doctor SDI,” George (Jay) Keyworth, who as Reagan’s science advisor had been one of the High Frontier’s most bullish defenders. Another Reagan-era boldface name on the roster was former presidential speechwriter George Gilder, evangelist of the supply-side gospel and a pop-science gadfly whose musings about the dangers of feminism once prompted NOW to dub him “male chauvinist of the year.” Now Gilder had turned techno-futurist in the mold of Alvin Toffler, the essay’s fourth author, who supplied grandiose textural flourishes. Not a full-time Silicon Valley resident in the bunch, but all people whose ideas had left a deep imprint on the Valley’s state of mind.1 Esther Dyson hadn’t expected to be the Thomas Jefferson of this particular enterprise, but given her talent to end up at the center of everything, it wasn’t surprising.


pages: 725 words: 221,514

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, commoditize, corporate governance, David Graeber, delayed gratification, dematerialisation, double entry bookkeeping, financial innovation, fixed income, 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, Panopticon Jeremy Bentham, Paul Samuelson, payday loans, place-making, Ponzi scheme, price stability, profit motive, reserve currency, Right to Buy, Ronald Reagan, seigniorage, sexual politics, short selling, Silicon Valley, South Sea Bubble, Thales of Miletus, The Wealth of Nations by Adam Smith, too big to fail, transaction costs, transatlantic slave trade, tulip mania, upwardly mobile, urban decay, working poor, zero-sum game

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.


pages: 797 words: 227,399

Wired for War: The 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, Charles Lindbergh, clean water, Craig Reynolds: boids flock, cuban missile crisis, digital map, 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, Intergovernmental Panel on Climate Change (IPCC), 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, social intelligence, 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.


pages: 1,201 words: 233,519

Coders at Work by Peter Seibel

Ada Lovelace, bioinformatics, cloud computing, Conway's Game of Life, domain-specific language, don't repeat yourself, Donald Knuth, fault tolerance, Fermat's Last Theorem, Firefox, George Gilder, glass ceiling, Guido van Rossum, HyperCard, information retrieval, Larry Wall, loose coupling, Marc Andreessen, Menlo Park, Metcalfe's law, Perl 6, premature optimization, publish or perish, random walk, revision control, Richard Stallman, rolodex, Ruby on Rails, 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.


pages: 827 words: 239,762

The Golden Passport: Harvard Business School, the Limits of Capitalism, and the Moral Failure of the MBA Elite by Duff McDonald

activist fund / activist shareholder / activist investor, Affordable Care Act / Obamacare, Albert Einstein, barriers to entry, Bayesian statistics, Bernie Madoff, Bob Noyce, Bonfire of the Vanities, business cycle, business process, butterfly effect, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collateralized debt obligation, collective bargaining, commoditize, corporate governance, corporate raider, corporate social responsibility, creative destruction, deskilling, discounted cash flows, disintermediation, disruptive innovation, Donald Trump, family office, financial innovation, Frederick Winslow Taylor, full employment, George Gilder, glass ceiling, global pandemic, Gordon Gekko, hiring and firing, income inequality, invisible hand, Jeff Bezos, job-hopping, John von Neumann, Joseph Schumpeter, Kenneth Arrow, Kickstarter, London Whale, Long Term Capital Management, market fundamentalism, Menlo Park, new economy, obamacare, oil shock, pattern recognition, performance metric, Peter Thiel, plutocrats, Plutocrats, profit maximization, profit motive, pushing on a string, Ralph Nader, Ralph Waldo Emerson, RAND corporation, random walk, rent-seeking, Ronald Coase, Ronald Reagan, Sam Altman, Sand Hill Road, Saturday Night Live, shareholder value, Silicon Valley, Skype, Social Responsibility of Business Is to Increase Its Profits, Steve Jobs, survivorship bias, The Nature of the Firm, the scientific method, Thorstein Veblen, union organizing, urban renewal, Vilfredo Pareto, War on Poverty, William Shockley: the traitorous eight, women in the workforce, Y Combinator

Professors who haven’t actually been entrepreneurs themselves also come in for criticism. One HBS student described the experience of The Entrepreneurial Manager as “like hearing virgins talk about sex.”23 Successful technology entrepreneurs and venture capitalists, in particular, have made a sport of ridiculing the entrepreneurial aspirations of both business schools and MBAs alike. In his 1984 book, The Spirit of Enterprise, George Gilder took aim directly at HBS: “Business schools . . . tend to turn out cynical manipulators of existing values rather than entrepreneurial creators of value,” he wrote. “Leading professors at Harvard Business School, preoccupied by the calculable maximization of self-interest, show a pathetic incapacity to comprehend the essence of entrepreneurship.”24 To wit: A 1984 study revealed that nearly half of HBS alums considered themselves entrepreneurs . . . but that less than half of those “entrepreneurs” were self-employed.


pages: 1,205 words: 308,891

Bourgeois Dignity: Why Economics Can't Explain the Modern World by Deirdre N. McCloskey

Airbnb, Akira Okazaki, big-box store, Black Swan, book scanning, British Empire, business cycle, buy low sell high, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbian Exchange, conceptual framework, correlation does not imply causation, Costa Concordia, creative destruction, crony capitalism, dark matter, Dava Sobel, David Graeber, David Ricardo: comparative advantage, deindustrialization, demographic transition, Deng Xiaoping, Donald Trump, double entry bookkeeping, en.wikipedia.org, epigenetics, Erik Brynjolfsson, experimental economics, Ferguson, Missouri, fundamental attribution error, Georg Cantor, George Akerlof, George Gilder, germ theory of disease, Gini coefficient, God and Mammon, greed is good, Gunnar Myrdal, Hans Rosling, Henry Ford's grandson gave labor union leader Walter Reuther a tour of the company’s new, automated factory…, Hernando de Soto, immigration reform, income inequality, interchangeable parts, invention of agriculture, invention of writing, invisible hand, Isaac Newton, Islamic Golden Age, James Watt: steam engine, Jane Jacobs, John Harrison: Longitude, John Maynard Keynes: technological unemployment, Joseph Schumpeter, Kenneth Arrow, knowledge economy, labor-force participation, lake wobegon effect, land reform, liberation theology, lone genius, Lyft, Mahatma Gandhi, Mark Zuckerberg, market fundamentalism, means of production, Naomi Klein, new economy, North Sea oil, Occupy movement, open economy, out of africa, Pareto efficiency, Paul Samuelson, Pax Mongolica, Peace of Westphalia, peak oil, Peter Singer: altruism, Philip Mirowski, pink-collar, plutocrats, Plutocrats, positional goods, profit maximization, profit motive, purchasing power parity, race to the bottom, refrigerator car, rent control, rent-seeking, Republic of Letters, road to serfdom, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Coase, Scientific racism, Scramble for Africa, Second Machine Age, secular stagnation, Simon Kuznets, Social Responsibility of Business Is to Increase Its Profits, spinning jenny, stakhanovite, Steve Jobs, The Chicago School, The Market for Lemons, the rule of 72, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, total factor productivity, Toyota Production System, transaction costs, transatlantic slave trade, Tyler Cowen: Great Stagnation, uber lyft, union organizing, very high income, wage slave, Washington Consensus, working poor, Yogi Berra

Actual help is not easy. Let us start having improved but thus far bureaucracy-blocked up-to-date computers for air-traffic control. Joel Mokyr, again, who is among the handful of my academic colleagues in economic history favoring the ideational approach (along with the historian Margaret Jacob, the sociologist Jack Goldstone, and such groundbreaking nonacademics as Jane Jacobs, Michael Novak, George Gilder, and Matt Ridley), makes the same point in speaking of the turn to usefulness in what he calls the Industrial Enlightenment. Yet Mokyr would agree that usefulness, too, needs a trading test, and that sheer innovation without the test is worse than useless, novelty without betterment—backyard blast furnaces, say. The crux is the test in trade. Are people willing to pay for it? The phrase “trade-tested innovation” occurs in a few other contexts, such as Barbara Jones and Bob Miller, Innovation Diffusion in the New Economy: The Tacit Component (at p. 83).