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Just when our economy desperately needs a new direction, Ronald Reagan's most quoted living author - George Gilder - is back with an all-new paradigm-shifting theory of capitalism that will upturn conventional wisdom.
America's struggling economy needs a better philosophy than the college student's lament,"I can't be out of money, I still have checks in my checkbook!" We've tried a government spending spree, and we've learned it doesn't work. Now is the time to rededicate our country to the pursuit of free-market capitalism, before we're buried under a mound of debt and unfunded entitlements. But how do we navigate between government spending that's too big to sustain and financial institutions that are "too big to fail?" In Knowledge and Power, George Gilder proposes a bold new theory on how capitalism produces wealth and how our economy can regain its vitality and growth.
Gilder breaks away from the supply-side model of economics to present a new economic paradigm: the epic conflict between the knowledge of entrepreneurs on one side, the blunt power of government on the other. The knowledge of entrepreneurs and their freedom to share and use that knowledge are the sparks that light up the economy and set its gears in motion. The power of government to regulate,stifle, manipulate, subsidize, or suppress knowledge and ideas is the inertia that slows those gears down or keeps them from turning at all.
One of the twentieth century's defining economic minds has returned with a new philosophy to carry us into the twenty-first. Knowledge and Power is a must-read for fiscal conservatives, business owners, CEOs, investors, and anyone interested in propelling America's economy to future success.
- Sales Rank: #55025 in Audible
- Published on: 2013-06-10
- Released on: 2013-06-10
- Format: Unabridged
- Original language: English
- Running time: 612 minutes
Most helpful customer reviews
111 of 119 people found the following review helpful.
Game-changing but flawed
By William R. Wiltschko
As other viewers have remarked, an information theory-based foundation for polical economy explained by this book is a big new idea. Revolutionary, game-changing, etc., all true. I have recommended the book to several friends, and will continue to do so, but the book is also flawed. The least of these flaws is that the core collection of important new ideas could have been explained in a magazine article. The book is divided into 25 chapters and three parts. Eleven chapters are in part one and are must reading. There are six interesting chapters in part two. All of part three can be skipped except the last chapter.
Gilder has integrated free markets and limited government under an information theory umbrella that credibly shows both theoretically and anecdotally how entrepreneurs drive economic and social progress. This is huge. He showed how more parts of the political-economic world fit together that I had formerly thought disparate.
Besides the length, a flaw of the book is that much of it is a series of extended book reviews. In many cases, I failed to see a compelling link to his information theory of political economy. Another flaw is the intellectual fights he picks with some unlikely targets. One of these fights is an attempt to resurrect "supply side" as a useful term. I agree with him on the substance, but see this as a re-branding loser.
A notable fight is with Nicholas Taleb, author of "Black Swan" and more recently "Anti-Fragile". Gilder doesn't acknowledge until the last two pages of the Taleb chapter (#18) that Taleb is on his side. Taleb has railed for years against over-dependence on Gaussian dogma, which is perfectly consistent with the acknowledgement of "surprises" that entrepreneurs produce. Gilder also fails to acknowledge that macro events, such as currency collapses, render moot for a short time any insider knowledge an investor might have about a company or industry. In the last two pages of the Black Swan chapter, Gilder seems to take back everything he said earlier in the chapter. If so, why did he leave in the chapter???
I have tremendous respect for Gilder. I actually met him once when I was at Intel. I respect his digging and digging to understand the economic ramifications of technology. While I think this book is a blockbuster of ideas, it is marred with misguided tangents and padding.
35 of 37 people found the following review helpful.
The antichrist of broken academic-economic-policy groupthink
By Keith McCullough
Summary Thoughts
1. One of the few books that attempts to link non-linearity and information/chaos theory to today’s markets/economies
2. Using economic history and market practitioners, Gilder effectively crushes the perceived wisdoms of broken sources
3. Juxtaposed vs government intervention, a refreshing reminder of the role of the capitalistic entrepreneur in America
Content Highlights
1. “Most human beings understand that their life is full of surprises.” (pg 1) #intro chapter – The Need for a New Economics
2. “We are almost entirely incapable of predicting the future. Yet economics purports to be strangely exempt from this fact” (pg 1)
3. “It is an economics of surprise that distributes power as it extends knowledge” (pg 5) #truth about innovation and evolution
4. “All information is surprise; only surprise qualifies as information. This is the fundamental axiom of information theory” (pg 15)
5. “From Adam Smith’s days to ours, economics has focused on the nature of economic order” (pg 16) promising #certainty?
6. “Interest rates are critical for information-theory economic analysis because they are an index of real economic conditions” (pg 24)
7. “Profits differentiate between the normally predictable yield of commodities and the unexpected returns of creativity” (pg 25)
8. #EntropyEconomics (Chapter 4) = one of the best named chapters of the last 3 yrs #study
9. “economists everywhere have counseled governments… to attend everything except what matters most: innovation” (pg 27)
10. “The most important feature of an information economy… is the overthrow, not the attainment, of equilibrium” (pg 30) #nonlinear
11. “Entropy is a measure of surprise, disorder, randomness… its opposites are predictability, order, tyranny…” (pg 34)
12. “Republicans… both Bushes through McCain… all cherish the illusion that leading economists possess vital wisdom” (pg 38) #joke
13. “Believing that a weaker Dollar is just the thing to spur a sluggish economy… they miss the devaluation of all the assets” (pg 38)
14. “George Romney capitulated to these forces” (pg 38) and being advised by Glenn Hubbard, ultimately Mitt did too #BigMiss
15. “Wealth actually springs from the expansion of information and learning” (pg 46) #capitalism #freedom #liberty
16. “Smith’s vision of the entrepreneur as a tool of the market… rather than its creator constitutes the original sin” (pg 47) #AdamSmith
17. The Light Dawns (chapter 7 concludes that Smith, Keynes, Hayek, and Samuelson have all been proven wrong) (pg 63) #true
18. “Looking for disequilibria to reconcile into equilibrium, economists suppress multifarious complexities” (pg 71) #yep
19. “Savings reflect the profitability – the upside entropy – in an economy” (pg 72) excess cash flows born out of positive info surprise
20. “The entrepreneur is the savior of the system because he capitalizes himself” (pg 77) #evolution
21. Fallacies of Entropy and Order (chapter 9) (pg 79)
22. “Most of the history of economics revolves around the issues of how order and equilibrium can be maintained” (pg 85) #Krugman
23. “None of these economists of equilibrium was comfortable with a dynamic economics” (pg 85) #Growth #Change #Surprise
24. “Order is not spontaneous, but it is a necessary condition for all the surprises of freedom and opportunity” (pg 87)
25. “Everyone thinks he knows what information is… information is change in what we know” (pg 101) great quote
26. “They had no heads. The frenzy was all they had… the urge was all they felt” –Tom Wolfe (pg 104) #behavioral econ
27. On Austin Goolsbee: “chairman of the President’s council of economic advisors exhibited as little understanding…” (pg 114)
28. “… much of the profession is empirically bankrupt because it is no longer taught economic history” –Charles Kindleberger (pg 115)
29. “The successful executive pursues not efficiency but effectiveness” –Peter Drucker (pg 126)
30. “The goal of financial reform should be to end this divorce between knowledge and power” (pg 132) secular #theme of book
31. “Unlike an inexorable, Newtonian “great machine”, the economy is not a closed system” (pg 133) don’t tell #Keynesians that
32. “High entropy regulation destroys the environment that it seeks to enhance” (pg 150) #BigGovernmentIntervention #Fed
33. “If a science has an adjective, it probably isn’t a science” –Richard Feynman (pg 159), Ivy League “economics” is no science
34. “Pursue opportunities is the counsel of the capitalist” (pg 161) #bingo
35. “It has become a virtual casino” –Bob Wilmers (CEO of M&T Bank) (pg 168)
36. “Paulson/Bernanke in constant conversation with unhealthy institutions; wouldn’t talk to leaders of healthy banks” –Allison (pg 170)
37. “In my career, the Fed has a 100% error rate in predicting and reacting to important economic turns” –John Allison (pg 175)
38. “wealth is only valuable if combined with information” (pg 178) #perspective
39. “America’s leading entrepreneurs, with some exception, display discipline and self control, hard work and austerity” (pg 183)
40. “Greed is an appetite for unneeded and unearned wealth and power” (pg 184) beauty quote about #politicians
41. “All progress comes from the creative minority” (pg 192) otherwise why would society glorify their stories?
42. “Taleb, in all likelihood, deems you a turkey” (pg 197) in Chapter 18, The Black Swans of Investment, criticizing Taleb
43. “I believe, however, that the fool of randomness is Taleb” (pg 200) #aggressive!
44. “21st century intellectuals have looked to information theory for a solution” (pg 201) maybe, sort of, but hardly consensus
45. “Great books, great ideas, and great thinkers” (pg 207) on Mark Skousen’s Freedom Fest annual conference
46. “No one in your company knows less about your business than your see eff oh” –Peter Drucker (pg 218) CEOs need vision
47. “Stockman ended up capitulating to his critics” (pg 219) appropriately critical of David Stockman’s “CFO” myopia
48. “0% interest rate policy of the Federal Reserve diverts the wealth of savers to governments, crony capitalists, etc” (pg 224)
49. “History tells us that the threat to prosperity is not debt but socialism” (pg 225) great focus pt quote
50. “Just as the post war recovery of the 1950s confounded Paul Samuelson’s gloomy predictions” (pg 234) #Keynesian failures
51. “fragmented, the academic sciences are turning to politics, panics, and cartels to preserve their old privileges” (pg 270)
52. “Most of the courses they took were either self-evident or wrong, ideological, or tautological, twisted, or trivial” (pg 270)
53. “Now an abstruse and occasionally revealing discipline has emerged called quantum information theory” (pg 271)
54. “Governed by entropy (measuring freedom of choice), it is a science of human liberty” (pg 271)
55. “Just as the bureaucrat needs arbitrary power, the capitalist needs capital” (pg 275) #excellent conclusion
This is a thought leader’s book. With so many people whining about not having a “solution” to Washington’s economic policies, ask yourself if we’re asking the right leaders for new ideas. This book is the antichrist of broken western-academic-economic-policy group-think.
KM
9 of 9 people found the following review helpful.
Get to the point
By J Montoya
I read the first chapter before buying the book and I also read a review in the paper. The topic sounded interesting, information theory and economics. Halfway through the book the author keeps referring to entropy and in relation to economics, dropping terms familiar to anyone that knows of the subjects. I do not see a convincing argument or explanation of his claims in the cover. I am not saying I disagree with the topic or points, I just dont see sufficient structure to support the claims made throughout the book. Its rare I start skimming through the book rather than reading page by page.
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