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Economics Quotes

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Economics Quotes

“In an information economy, entrepreneurs master the science of information in order to overcome the laws of the purely physical sciences. They can succeed because of the surprising power of the laws of information, which are conducive to human creativity. The central concept of information theory is a measure of freedom of choice. The principle of matter, on the other hand, is not liberty but limitation- it has weight and occupies space.”

“From the equilibrium and spontaneous order of Adam Smith and his heirs, from invisible-handed markets and perfect competition, supply and demand, and rewards and punishments, I was pushed to theories of disequilibrium and disorder, and information and noise, as the keys to understanding economic progress.”

“The most important feature of an information economy, in which information is defined as surprise, is the overthrow, not the attainment, of equilibrium. The science that we have come to know as information theory establishes the supremacy of the entrepreneur because it appreciates the powerful connection between destruction and what Schumpeter described as "creative destruction," between chaos and creativity.”

“Our goal is not to assume leadership of existing institutions, but rather to render them irrelevant. We don't want to take over the state or change its policies. We want to render its laws unenforceable. We don't want to take over corporations and make them more 'socially responsible.' We want to build a counter-economy of open-source information, neighborhood garage manufacturing, permaculture, encrypted currency and mutual banks, leaving the corporations to die on the vine along with the state. We do not hope to reform the existing order. We intend to serve as its grave-diggers.”

“I saw that publishing all over the world was deeply constrained by self-censorship, economics and political censorship, while the military-industrial complex was growing at a tremendous rate, and the amount of information that it was collecting about all of us vastly exceeded the public imagination.”

“It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that the basic business would grow steadily, so there's more downside risk. The perfectly fabulous economics of this business could become grievously impaired.”

“Try this thought experiment. Pretend you're a tyrant. Among your many liberty-destroying objectives are extermination of blacks, Jews and Catholics. Which would you prefer, a United States with political power centralized in Washington, powerful government agencies with detailed information on Americans and compliant states or power widely dispersed over 50 states, thousands of local jurisdictions and a limited federal government?”

“In today's knowledge-based economy, what you earn depends on what you learn. Jobs in the information technology sector, for example, pay 85 percent more than the private sector average.”

“A favorite Wired icon for the information feedback loop, a dragon curling in a circle to swallow its own tail, could become more apt as a symbol of the timeless libertarian paradox: Monopoly verging on feudalism emerges from unregulated competition to bite libertarianism in the posterior.”