| Time–Prices and Emergency Ventilation With his Cato colleague Marian Tupy, Pooley is the champion of time–prices. This measure captures the advance of innovation in one number, signifying the hours and minutes it takes to earn the money to buy a good or service. Rather than using two subjective numbers — the rise of wages and the drop of costs, both adjusted by murky inflation indices — time–prices measure innovation by the unitary gauge of time in hours and minutes: the nominal price of the item (or even GDP), over the nominal wage per hour. By that measure, in the grip of the crisis, the time–price of emergency ventilation may have improved some five–thousand–fold. That measure holds even if the availability of a cheap and mobile device does not signify a major qualitative improvement in the product, thus drastically lowering the cost further as measured by the time expended to acquire ventilator services. With this kind of inventive efflorescence, is it possible that the economy, and your investments, will ultimately be enhanced by this crisis? The daily Prophecy has upheld the theme of anti–fragility, Nassim Taleb's proposition that crisis does not break free economies. It strengthens them, spurring invention and inspiring entrepreneurs. Today's Prophecy Wealth is knowledge and growth is learning. Learning accelerates in exigencies and is enhanced by falsification. Creativity always comes as a surprise to us. It is filtered by free enterprise, which responds more quickly in the face of urgent needs. Government guarantees tend to thwart the surprises of learning and growth. If the government guarantees $2 million ventilators, there is no push to develop $200 devices. The klugemakers get rich. Stultifying may be most of the so–called "stimuli" that blanket the economy with dumb money and fail to provide a filter of functionality and profit. If the money comes regardless of work or learning, it deters innovation rather than spurs it. From these points of view, the epoch of coronavirus can well emerge as a time of new learning and economic growth rather than depression and paralysis. The key is to leave open as many paths of learning as possible. Shut downs and closures may inhibit the surprises of creativity and experiment that have saved humanity over the centuries of the capitalist miracle. Regards, 
George Gilder
Editor, Gilder's Daily Prophecy [Editor's Note]: Just days ago, George sat down and recorded a special message. You see, one of his colleagues thinks he's discovered the real scandal behind what he calls an "outsider trading" scandal. A "glitch" caused by Wall Street's machines and algorithms. But once you discover the simple way to exploit this glitch… you could have the chance to pocket $1,458, $5,000, and even $6,475, sometimes in as little as a week's time, sometimes even in a single day. So, George sat down and recorded a special message about it here. But time is of the essence, this page will be pulled down at 9:30 tomorrow morning. Click here to watch George's message. | 
Dear Daily Prophecy Reader,
To end your Gilder's Daily Prophecy e-mail subscription and associated external offers sent from Gilder's Daily Prophecy, 
No comments:
Post a Comment