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4min chapter
Inside Humanity's Infinite Improbability Drive - Matt Ridley
The Joe Walker Podcast
The Uncertainty of the Economy
The laws of the economy are constantly shifting, and technological change is a key reason for that. It's not so much freedom that gives rise to innovation, but freedom give rise to uncertainty, which gives rise to Innovation. I was very influenced by David Walsh's book, Knowledge and the Wealth of Nations. He said Adam Smith said two completely different things about how work should be done in factories - one being more efficient than the other. In Ming China, he says, economic forecast might have been like a good job because nothing was really changing. But technology is the only or the most important source of non-stationarity in economic life.
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