Gratuitous Risk without Edge can be Ruinous

Growth in the current period is a function of growth in the previous period. Audience growth is exponential, and many of the world’s most powerful businesses experienced rapid exponential audience growth in their infancy. Technology allows new ideas to spread faster...

The Complacent Class by Tyler Cowen

Rating: 9/10 This is the first of a series of book reviews I hope to host on this blog.  I’ll strive to be fierce and unbiased in general, though in this case I’ll disclaim that I once had a very Complacent Class-like three Michelin star meal with...

Bitcoin Macroeconomics

Let me start by saying that I’m not, at present, a long-term optimist on the alternative currency space. I’ll spell out my case for pessimism as clearly as I can here. My background is strong in economics and modest in the alternative currency space. I taught...

Gratuitous Risk Without Edge can be Ruinous

At a poker table once, someone I respect said, “Everyone I know who’s ever bet on props has gone broke at some point.” I puzzled over this, because a prop bet, in poker terminology, is a bet on something where the odds are fair, such that there is no...

Resist the Temptation to Add Complexity

Degenerates are degenerates because they are in some ways excitable. They enjoy stimulation and expansion into new domains. The majority of artists in all places and at all times in history have been of degenerate temperament. Degenerates, who are more prone to...