Value lies in the knowledge bearing entity — information is useless without a receiver
Good theories are falsifiable, precise
Ex of a bad theory: eating 1kg of grass cures your cold — does not offer a mechanism and is not precise
“It is impossible to speak in such a way that you cannot be misunderstood”
All great systems improve through making bold guesses and then filtering out
The best theories are creative guesses not extrapolation
Wealth is assets that earn while you sleep, the purpose of wealth is to buy your freedom. You don’t get this unless you want it more than other people
Money is how we transfer wealth, it is having credits and debits on other people’s time. Money is an IOU from society
People play the money games and status games
Wealth is not a zero sum game, status is a zero sum game
There is always a competition between status and wealth, to win at a status game you have to put someone else down because it is zero sum, it makes you a negative person
Create abundance, wealth is positive sum
Everyone can be rich, everyone now is richer than in the past. Would rather be a poor person now than a rich person in the 1400s
Capitalism is good but it gets hijacked by negative forces, it is innate to us, free market exchange is encoded into us