The following is a lightly edited, slightly condensed transcript of the talk “Adam Darwin: Emergent Order in Biology and Economics,” presented by Matt Ridley at the Adam Smith Institute in 2012. I’ve called my lecture “Adam Darwin” to stress how congruent the philosophies of Adam Smith and Charles Darwin are. The common theme, of course, […]
With each disruptive innovation comes progress when consumers prefer newer products or processes over what came before.
To discover the Next Big Thing, you need to think outside the box.
To survive, even the most successful companies have to be willing to quickly dispense with yesterday’s winning business plan
“I learned in economics that in ‘perfect competition’ profits are zero, so any actual profits come from some kind of monopoly power. So how could profits be good?”
Imagine a society that always encouraged you to make the right choices without forcing to make those choices.