The Hayekian Idea of Trial and Error

2min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

"I have an explicit policy of not even trying to plan. If I even tried to think about think ahead about idea about hype types of projects anyway, right? It would only add, it would only dilute my thinking with crap," he says. "It's a beautiful example of the Hayekian idea of trial and error is where progress comes from."

Paul Graham, essayist, programmer and partner in the y-combinator talks with EconTalk host Russ Roberts about start-ups, innovation, and creativity. Graham draws on his experience as entrepreneur and investor to discuss the current state of the start-up world and how that world has changed due to improved technology that makes it easier to start a software company. Graham talks about his unusual venture firm, the y-combinator, and how he and his partners work with start-ups to get them ready for more advanced funding. Along the way, Graham discusses why hackers are like painters and how to survive high school.