Very very true. I love Martin's work but he is too used to being the 'smartest guy in the room' and that blinds him to the trend that is unfolding. The generational shift in perspective between the in-power baby boomers, the hard-bitten cynical Gen-Xers and the, believe it or not, more pragmatic Millennials will see a very quick adoption of new ideas in money and re-value knowledge.
I will say, however, the production of physical things is still the kind of knowledge that cannot be lost at a societal level or it becomes a more fragile system.
We’re gaining more anti-fragility of production of physical things with decentralized production with 3D printing for example.
My thesis on the decline of the industrial age is focused on the mass production, fungible laborer, high amortization of the knowledge inputs, which enables financialization and Theory of the Firm. My thesis is the flattening of the knowledge age disintermediates those Coasian parasites.
I’m head in the sand coding, so I my replies may lean towards helicopter abstraction of what is detailed in my archives.
No worries. I've got to write a blog post this morning on some of what we're talking about. And keep all the geopolitics straight, and take care of my subs and watch the currency and debt markets.
We all have our crosses. :)
The paradigm-shift is broader than just money. For example, integrate that serial algorithms have stopped scaling and the implications.