The bubble economy essay

Posted on September 30, by Scott Alexander [Content warning: Try to keep this off Reddit and other similar sorts of things. All the townspeople want to forgive him immediately, and they mock the titular priest for only being willing to give a measured forgiveness conditional on penance and self-reflection.

The bubble economy essay

Want to start a startup? Get funded by Y Combinator. March This essay is derived from a talk at the Harvard Computer Society. You need three things to create a successful startup: Most startups that fail do it because they fail at one of these.

A startup that does all three will probably succeed. And that's kind of exciting, when you think about it, because all three are doable. And since a startup that succeeds ordinarily makes its founders rich, that implies getting rich is doable too.

If there is one message I'd like to get across about startups, that's it. There is no magically difficult step that requires brilliance to solve. The Idea In The bubble economy essay, you don't need a brilliant idea to start a startup around. The way a startup makes money is to offer people better technology than they have now.

The bubble economy essay

But what people have now is often so bad that it doesn't take brilliance to do better. Google's plan, for example, was simply to create a search site that didn't suck. They had three new ideas: Above all, they were determined to make a site that was good to use.

No doubt there are great technical tricks within Google, but the overall plan was straightforward. And while they probably have bigger ambitions now, this alone brings them a billion dollars a year.

South Sea Company - Wikipedia

I can think of several heuristics for generating ideas for startups, but most reduce to this: For example, dating sites currently suck far worse than search did before Google.

They all use the same simple-minded model. They seem to have approached the problem by thinking about how to do database matches instead of how dating works in the real world. An undergrad could build something better as a class project.

And yet there's a lot of money at stake. Online dating is a valuable business now, and it might be worth a hundred times as much if it worked. An idea for a startup, however, is only a beginning.

A lot of would-be startup founders think the key to the whole process is the initial idea, and from that point all you have to do is execute.

Venture capitalists know better. If you go to VC firms with a brilliant idea that you'll tell them about if they sign a nondisclosure agreement, most will tell you to get lost. That shows how much a mere idea is worth. The market price is less than the inconvenience of signing an NDA.

Another sign of how little the initial idea is worth is the number of startups that change their plan en route. Microsoft's original plan was to make money selling programming languages, of all things.

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Their current business model didn't occur to them until IBM dropped it in their lap five years later. Ideas for startups are worth something, certainly, but the trouble is, they're not transferrable. They're not something you could hand to someone else to execute.

The bubble economy essay

Their value is mainly as starting points: What matters is not ideas, but the people who have them. Good people can fix bad ideas, but good ideas can't save bad people.

People What do I mean by good people?The Economy of Japan had experience a tremendous growth since the end of the Korean war. The growth of GNP in and was above 10 % (double digit growth period) which exceed countries such as Britain, France and Germany.

Jan 16,  · Beyond the Bitcoin Bubble. Yes, it’s driven by greed — but the mania for cryptocurrency could wind up building something much more important than wealth. This crisis of faith has had no more severe expression than the presidential campaign, which has turned on the questions of who, exactly, the system is working for and against, as well as why.

Through timely, in-depth analysis of companies, industries, markets, and world economies, Morgan Stanley has earned its reputation as a leader in the field of investment research.

The South Sea Company (officially The Governor and Company of the merchants of Great Britain, trading to the South Seas and other parts of America, and for the encouragement of fishing) was a British joint-stock company founded in , created as a public-private partnership to consolidate and reduce the cost of national debt.

The company was also granted a monopoly to trade with South. The on-demand economy gives fewer opportunities for people to interact with those outside their class—creating impermeable inequality.

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