What’s Good About A Recession

Last week, a number of articles popped up in relation to some new statistics from The National Bureau of Economic Research declaring that the recession in the United States officially ended in June of last year. Added to this news was that this was the longest recession since World War II. There are a lot of ways to take this news. As usual, I prefer to see what’s good in it for entrepreneurs.… Read more

Units Of Innovation

I’m amazed at the profound effect Apple’s iPad has had in the short time since it was introduced — not only as a platform, but as a multiplier of the idea introduced through the iPhone about how to organize and transmit human knowledge in the form of very small programs or “apps.”… Read more

Who’s In Charge Here?

In the last post, I talked about using a bank machine in a foreign country as an example of cooperation among strangers. Transactions like that happen a billion times a day, and all this activity seems to take place without anyone controlling it. To me, that’s a modern miracle. To people who believe somebody needs to be in charge, it’s a nightmare. “But what if … ? What if … ?” they say.… Read more

The Essence Of Business: Innovation And Marketing

I consider the ATM a miracle. Let’s say I’m traveling outside North America — at an Israeli outpost close to Lebanon, for instance — and I run out of cash. I look around and find a store down the street that has an Automated Teller Machine. I stick my card into it, choose between English, Hebrew, and Arabic, then, after a pause that’s only slightly longer than usual, the machine gives me a handful of shekels. Talk about massive amounts of co-operation among strangers!… Read more

Capitalism And Cooperation

A number of times over the past few years, I’ve heard commentators speculate that we’re facing the end of capitalism.

That’s impossible.

The Nobel Prize-winning Austrian economist Friedrich Hayek said the tragedy of capitalism is that it was named by its enemies. Capitalism isn’t actually about capital, it’s about cooperation — an infinitely expanding system of trading among strangers.… Read more