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Book: Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World
Quotes of Book: Knowledge and Power: The
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  1. George Gilder _ Knowledge and Power: The

    We begin with the proposition that capitalism is not chiefly an incentive system but an information system. We continue with the recognition, explained by the most powerful science of the epoch, that information is best defined as surprised-what we cannot predict rather than what we can. The key to economic growth is not acquisition of things by the pursuit of monetary rewards but the expansion of wealth through learning and discovery.
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  2. George Gilder _ Knowledge and Power: The

    The war between the centrifuge of knowledge and the centripetal pull of power remains the prime conflict in all economies. Reconciling the two impulses is a new economics, an economics that puts free will and the innovating entrepreneur not on the periphery but at the center of the system. It is an economics of surprise that distributes power as it extends knowledge. It is an economics of disequilibrium and disruption that tests its inventions in the crucible of a competitive marketplace. It is an economics that accords with the constantly surprising fluctuations of our lives.
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  3. George Gilder _ Knowledge and Power: The

    The index is retrospective. The crucial alpha, the entropy, the signal modulating that linear advance...comes from knowledge of the entrepreneurial surprises harbored on the edge of the noise.
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  4. George Gilder _ Knowledge and Power: The

    Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-"freshwater" and "saltwater," Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors.
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  5. George Gilder _ Knowledge and Power: The

    The Newtonian scheme became an illusion of determinism in a tempestuous world of human actions. Economists became preoccupied with mechanical models of markets and uninterested in the willful people who inhabit them.
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  6. George Gilder _ Knowledge and Power: The

    An economics of systems only-an economics of markets but not of men-is fatally flawed.
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  7. George Gilder _ Knowledge and Power: The

    Ignored...was the one unbridgeable gap between physics and any such science of human behavior: the surprises that arise from free will and human creativity...they constitute the most important economic events. For a miracle is simply an innovation, a sudden and bountiful addition of information to the system.
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  8. George Gilder _ Knowledge and Power: The

    The passion for finding the system in experience, replacing surprise with order, is a persistent part of human nature...Science came to mean the elimination of surprise. It outlawed miracles, because miracles are above all unexpected.
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  9. George Gilder _ Knowledge and Power: The

    Yet economics purports to be strangely exempt from this fact of life. From Adam Smith's day to our own, the chief concern of the discipline has been to render economic events unsurprising...The discernment of orderly rules governing the apparent chaos of life was a remarkable achievement and continues to amaze.
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  10. George Gilder _ Knowledge and Power: The

    A day doesn't pass that I'm not surprised.
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  11. George Gilder _ Knowledge and Power: The

    It removes information from the market when I need more and more...Indexing is a waste heap--information so merged and muffled that it hides knowledge rather than reveals it. All beta, no alpha.
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  12. George Gilder _ Knowledge and Power: The

    But I still don't have knowledge, interpreting the surprises that others don't know about, that will drive a new narrative. You have to work and think and stress and fret to surmise the surprises by first fathoming the pulse.
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