Creative Destruction: The Damage Is the Mechanism
New methods can only grow by taking resources from old ones. The productivity gain and the displacement are not cause and side effect — they are the same event seen from two sides.
Topic
Macroeconomics
Black Swan Events: The Model Was Never the Problem
Every observed swan was white until Australia. No amount of confirming evidence establishes a universal rule — and the most confident moment is often the one just before the record breaks.
Power Laws: When the Average Describes Nobody
The world's tallest person barely moves a room's average height. The world's wealthiest moves it by a factor of millions. Almost all statistical intuition is built for the first case.
Money Has Always Been a Belief System With Better PR
The debate between fiat currency and algorithmically scarce assets is really a debate about who gets to be trusted to keep a promise.
Growth Economics Assumed a Growing Population. That Assumption Is Ending.
Most of the economic models still in use were built during the one period in history when populations reliably grew.
Markets: A Price Is a Bet, Not a Measurement
A company posts record profits and the share price falls. That stops looking irrational once you see that a price already contains what everyone expected — and moves only on the difference.