In an economy, everything useful or interesting depends on agents of change called entrepreneurs.
In the information age, it is physics itself that is subdued.
Information is measured by the degree to which it is unexpected. Information is "news," gauged by its surprisal.
Inventions in general express Shannon entropy. They come from the supply side.
When a company goes public, its information goes private.
"The encouragement of mere consumption is no benefit to commerce; for the difficulty lies in supplying the means, not in stimulating the desire, of consumption."
The universe is an engine of ideas, an information system, like an economy.
"Get property rights, the basic institutions of security, personal security, a legal system that supports property rights–get those in place and things will be fine."
Capitalist economies grow because they award wealth to its creators, who have already proved that they can increase it.
Seizing resources from entrepreneurs and redistributing it politically is the death of creativity.
The future is available only to entrepreneurs, on the crest of creation, seeking the entropy of giving.
---------------------------------------------------------------------------------------------------------
silicon, oxygen, aluminum - cheap
learning curve, reducing uncertainty
silicon light-emitting diodes
sapphire substrate coated with a thin layer o crystalline material called gallium nitride (氮化镓)
silicon wafer
tautology: the saying of the same thing twice in different words, generally considered to be a fault of style
partisan rancor党派冤仇
unexpected propensity, indentured
increase savings by forgoing consumption
Drop in spending causes a drop in incomes --> the paradox is that the more people try to save, the less savings there are overall
agoraphobic 害怕集会
binge狂欢
futility of savings
granitic truth
shale fragments
turning penurious ranchers into millionaires
detached from a capitalist, there is no capital
creamer suffusing your coffee
ponder fecklessly
plighted troth
stultifying learning curves
Hermetic mathematical logic
legerdemain: skillful use of one's hands when performing conjuring tricks.
Creative thought is not an inductive process in which a scientist accumulates evidence in a neutral and objective way until a theory becomes visible in it. Rather the theory comes first and determines what evidence can be seen.
conduit
communication as the problem of reproducing at one place and time a message composed at another place and time and sent through the "noisy channel" of the material world: conduit.
avid 热情
suppurating 化脓
hedonic 享乐
randomly wriggling worm, mostly devoid of free will, intelligence, imagination, or even consciousness--- but urge
reductionism
ergodic：可遍历的
synapse突触
intractably：难以理解的e
exogenous外源性
Trough 波谷
epigram: a pithy saying or remark expressing an idea in a clever and amusing way.
reify
promiscuous
Chapter 1 The need for a New Economics
prescient: having or showing knowledge of events before they take place
terse = concise, succinct
In an economy, everything useful or interesting depends on agents of change called entrepreneurs.
tempestuous: very stormy
The war between the centrifuge of knowledge and the centripetal pull of power reminds the prime conflict in all economies.
Capitalism is not chiefly an incentive system but an information system.
Chapter 2 The Signal in the Noise
atrium, lanky, paunchy, expound
vagaries: an unexpected an inexplicable change in a situation or in someone's behavior
In the information age, it is physics itself that is subdued. (Overcome, quieten, bring under control)
Chapter 3 The Science of Information
Recapitulate = summarize and state again
Information is measured by the degree to which it is unexpected. Information is "news," gauged by its surprisal.
Chapter 4 Entropy Economics
The central failure of economics has been its inability to grasp the centrality of entrepreneurial creation in economic life.
contrivance: a thing that is created skillfully and inventively to serve a particular purpose.
Inventions in general express Shannon entropy. They come from the supply side.
Chapter 5 Romney, Bain, and the Curve of Learning
mellow
eponymous
spruce: 云杉
dyslexic
damsel: a young unmarried woman
coterie
When a company goes public, its information goes private.
capitalist thrive only by serving others.
tantamount
Chapter 6 The Extent of Learning
stationary state–too big to either innovate or fail ( China in Ming dynasty?)
markets define technology, demand create supply is a profound fallacy
The entrepreneur and his product create the market.
The lower price extends its own market.
While in communications you want unexpected news (high entropy), in a mass manufacturing process you want predictability (low entropy). Inefficiency comes from uncertainty of information about the process.
Supply creates its own demand through the proliferation of goods and services down the curves of learning, entropy, and imagination.
Chapter 7 The Light Dawns
Fossil fuels were the salvation of the whales.
From Taxing on light to make LED ubiquitous
Chapter 8 Keynes Eclipses Information
Keynesian economists: paradox of thrift, drop in spending causes a drop in incomes. The government can hire people to dig holes and fill them up again. it doesn't matter. The key is the power to spend. Consumer culture. Paul Krugman, Richard Posner
VS
Saving: prepare the economy for a long future of growth
Say's law: production is the source of demand, supply-side economics, the production of goods:"The encouragement of mere consumption is no benefit to commerce; for the difficulty lies in supplying the means, not in stimulating the desire, of consumption."
(Tight oil, shale oil, light tight oil, LTO)
The entrepreneur is the savior of the system because he/she capitalizes himself/herself. He is his own most important capital. What we call intellectual capital is also informational and moral capital: diligence, good judgment, imaginative appreciation of others' inputs and needs.
The great secret of capitalism is that, detached from a capitalist, there is no capital. To create wealth, knowledge and power must be merged.
Chapter 9 Fallacies of Entropy and Order
The universe is an engine of ideas, an information system, like an economy.
2nd law of thermodynamics fails because the universe is not statistical.
Capital is not a flow of investment or spending. It is not usefully gauged as demand. It is a complex and interlocking creative structure of production tools and skills evolved over time and full of information.
Things that are growing and changing are by definition high in entropy.
Spontaneity–entropic, disorderly, entrepreneurial and complex
Entropy is Janus-faced. Its upside surprises are redemptive and favorable to freedom. it is freedom of choice. But the carrier itself requires constant vigilance against entropic noise.
Order is not spontaneous, but it is a necessary condition for all the surprises of freedom and opportunity.
Chapter 10 Romer's Recipes and Their Limits
the rate of technological change -- accelerating growth
rearrange, create value
high-entropy signal, low-entropy carrier
"Get property rights, the basic institutions of security, personal security, a legal system that supports property rights–get those in place and things will be fine."
Charter city
Entrepreneurs– reassemble chemical elements
(Romer finally succumbs to the materialist superstition)
Entrepreneurs play the central oracular role
Galileo, freed by a leap of imagination (leap not look, generate great information)
Chapter 11 Mind Over Matter
Material Superstition VS cognitive psychology, neuroscience, bioinformatics
Chapter 12 The Scandal of Money
2008 crisis, 30-40 percent of the economic profits during the mid-2000s came not from productive investment and entrepreneurial risk but from the zero-sum games of speculative investment and fiduciary risk shuffling. Public debt, under Parkinson's Corollary, expanded to absorb and stultify all other means of finance.
confectionary froth of social networking and financial derivatives
Gold forestalls the volatility and high-entropy gyrations that sprint from fears of government manipulation and banking fraud. It thus can extend the horizon of the world economy.
Money had to be reified and liquid at the same time, simultaneously frozen and fungible.
Chapter 13 The Fecklessness of Efficiency
Basel II, endorsed structured collateralized debt obligations; and specifically opposed the ownership of individual mortgages.
Capitalist economies grow because they award wealth to its creators, who have already proved that they can increase it.
Financial arbitrage-- GE
Harvard University and Archer Daniels Midland to Fannie Mae and Goldman Sachs.....etiolating the real enterprises in their shadows.
Chapter 14 Regnorance
Energy
All the information is on the supply side
Chapter 15 California Debauch
reusable energy - low efficiency
obscurantist debauch
german solar ~ 2%
Chapter 16 Doing Banking Right
a financial front for organized crime
organic expansion of customers
irrational exuberance
confident demeanor
saving tarpaulin
elitists consolidate power
the only true natural resource, is the human mind
Chapter 17 The One Percent
difference between people? What they own or what they know
sterile egalitarian
strange collection of riffraff.. chosen for performance alone, for service to the people as consumers.
avarice, socialism
plutocrat
Chapter 18 The Black Swans of Investment
Human beings... we take consciously calculated risks in full awareness of the possibility that they may not pan out.
volatile, versatile
Fragile, anti-fragile
Chapter 19 The Outsider Trading Scandal
Divulged
filigreed whorls
froth
spurious: false or fake
diurnal: of or during the day
insider news --- by no means infallible, often wrong
The irony is that when the company went
benighted investors become manic-depressives.
Chapter 20 The Explosive Elasticities of Freedom
Drucker's rule: entrepreneurs should pursue opportunities, not solve problems.
You end up staring into the past. You feed your failures, starve your strengths, and achieve costly mediocrity.
the last thing you want from the finance department is bravado.
David Stockman Moment
nemesis of bankers
government overreach and redistribution
sclerotic: becoming rigid and unresponsive; losing the ability to adapt.
The Old Testament law commanded the Israelites to remit one another's debts every seven years.
epistemic: of or relating to knowledge or to the degree of its validation
drastic retrenchment, ruthless extraction
exonerate
economic doldrums: a state of period of inactivity, stagnation
New Zealand 去国有化 sold off state-owned business
Chapter 21 Flattening Taxes
Seizing resources from entrepreneurs and redistributing it politically is the death of creativity.
Chapter 22 The Technology Evolution Myth
Kelly and Johnson are only two of the most notable of Dyson's followers in recent years.
Dyson: Darwin Among the machines.
punctilious: showing great attention to detail or correct behavior
Despotism: absolute power
prowess: skill or expertise in a particular activity or field
pedestrian concept
Capitalism assigns to the winners of previous profits the right to reinvest them in new ideas.
rhapsodic, ecstatic, rapturous, enraptured, rapt: 欣喜若狂
Chapter 23 Israel: InfoNation
Chapter 24 The knowledge Horizon
latents -- from Latin for "hidden"
patents -- from Latin "open"
unfathomable: incapable of being fully explored or understood
Ensconced
galvanizing: shock or excite, typically into taking action
filigreed physics
amino acid to useable peptides
prosthetic 假肢
notary公证人
scrivener: clerk, scribe, notary
doldrum: stagnation
cartels:an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.
the physicists trudged in themselves–leaving matter behind to be pondered and palpated, titrated
abstruse: difficult to understand
subsume: include or absorb
inexorable incompleteness
subdue: overcome, bring under control
information skeins
Chapter 25 The Power of Giving
Consummate: showing a high degree of skill and flair; complete or perfect
usurious
Shylock, extorting usurious gains from lending money
the law of reciprocity
responsible giving
gullible = credulous
rambunctious: uncontrollably exuberant; boisterous
epistemic system
It grants riches to those very individuals who have proved their ability to forgo immediate gratification in pursuit of larger goals, and who refuse to waste or to hedonistically consume their incomes.
ineffable or unintelligible to anyone who has not pursued the same experimental course.
lore
conflagration, edifice
latent
The future is available only to entrepreneurs, on the crest of creation, seeking the entropy of giving.
No comments:
Post a Comment