COMPLEXITY cover image

Eric Beinhocker & Diane Coyle on Rethinking Economics for A Sustainable & Prosperous World (EPE 02)

COMPLEXITY

NOTE

Value is Determined Not Just By Price, But Also Its Power and Problem Solving Potential

Software differs from the physical world in its ability to rapidly organize and meet needs. Brian Arthur highlighted the recombinant nature of value creation in technology, where experimentation and organizational changes occur at a fast pace. This contrasts with the slower processes in the physical or social world. Software evolution generates value at a faster rate and with negligible replication costs, leading to new concentrations of power. This evolution is not accurately reflected by market prices alone, and it's essential to consider its impact on power dynamics and society's problem-solving capabilities.

00:00
Transcript
Play full episode

Remember Everything You Learn from Podcasts

Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
App store bannerPlay store banner