Evolution of Financial Systems and Business Models

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The chapter delves into the development of financial systems post the great financial crisis and how countries are adapting to mitigate crises, touching on the interconnection of finance with the economy. It contrasts the failures of Soviet Union's attempt to computerize economic planning with the unintended success of US building a computer network that optimized planning through algorithms. The discussion also covers Warren Buffet's insights on profitable business models, the impact of AI on software models, and the evolution of companies going public.

This week, Byrne Hobart and Erik Torenberg discuss the resurgence of prediction markets, the balance of sophisticated vs. 'dumb' money, Biden's nomination odds and the impact of AI on software economics.

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TIMESTAMPS:

(00:00) Intro

(00:20) Is this the Polymarket election?

(08:55) Prediction markets

(11:07) Politics and prediction markets