There is so much to be learned from the entirely botched handling of the COVID-19 crisis. There are lessons about markets compared to command-and-control, wartime versus peacetime institutions, decision making under uncertainty, scientific progress and much more. I am likely to write a post about each of these, starting with today’s installment: the cost of half measures. Let’s start with the observation that most people still don’t seem to understand exponential growth (another lesson right ...

I spent a bunch of time at Consensus and Token Summit this week. If it wasn’t clear before, we are headed into a crypto currency bubble. Now a bubble isn’t in and of itself a bad thing. In fact almost every wave of technology has brought with it a financial bubble phase (eg care for Railway Mania in Britain). During this phase a lot of financial capital flows into a sector which finances real innovation and accelerates the buildout of physical infrastructure. The same will be true for the cry...

There is so much to be learned from the entirely botched handling of the COVID-19 crisis. There are lessons about markets compared to command-and-control, wartime versus peacetime institutions, decision making under uncertainty, scientific progress and much more. I am likely to write a post about each of these, starting with today’s installment: the cost of half measures. Let’s start with the observation that most people still don’t seem to understand exponential growth (another lesson right ...

I spent a bunch of time at Consensus and Token Summit this week. If it wasn’t clear before, we are headed into a crypto currency bubble. Now a bubble isn’t in and of itself a bad thing. In fact almost every wave of technology has brought with it a financial bubble phase (eg care for Railway Mania in Britain). During this phase a lot of financial capital flows into a sector which finances real innovation and accelerates the buildout of physical infrastructure. The same will be true for the cry...