Tim O’Reilly on why it’s too early to get excited about Web3: “Let’s focus on the parts of the Web3 vision that aren’t about easy riches, on solving hard problems in trust, identity, and decentralized finance. And above all, let’s focus on the interface between crypto and the real world that people live in, where, as Matthew Yglesias put it when talking about housing inequality, “a society becomes wealthy over time by accumulating a stock of long-lasting capital goods.” If, as Sal Delle Palme argues, Web3 heralds the birth of a new economic system, let’s make it one that increases true wealth—not just paper wealth for those lucky enough to get in early but actual life-changing goods and services that make life better for everyone.”
Russ Roberts talk to Michael Munger on Constitutions. Munger: “The real origins of Public Choice, and particularly the first of what we now think of as the Public Choice Pentateuch–took the five founding books of Public Choice–was The Calculus of Consent. And, The Calculus of Consent takes up some of the work– It was written by James Buchanan and Gordon Tullock, and it was published in 1962. So, this is right at the origins of what we now think of as Public Choice. One of Buchanan’s heroes was the Swedish economist–political economist–Knut Wicksell. And, what Wicksell had said–and it was interesting–was that the only justification for coercion was consent…A key to liberty is the ability voluntarily to subject yourself to coercion if you violate the terms of the agreement. That’s the way we make binding agreements.”
Via Shane Parish: “It’s very important to know what you don’t like. A big part of innovation is saying, “You know what I’m really sick of?” … “What am I really sick of?” is where innovation begins.”
