• 00:00    |    
    Initial credits
  • 00:06    |    
    Milton Friedman: Economics of free enterprise
    • Control of money supply in China
    • A fundamental error - The constancy of money turnover
  • 05:44    |    
    Transforming countries through free zones
    • Hong Kong's influence over China
    • Freeing economies from the center
    • China's successful free zone model
  • 12:12    |    
    Conflicting models of the economic system
    • Economy as an incentive system
    • Economy driven by human creativity - The heroic entrepeneur
    • The nature of the conflict
  • 21:08    |    
    Conflict resolution: Economics and information theory
    • Foundation of today's technology
    • Curt Girdle - Dependence of logical systems on external axioms
    • Allan Turing - Computer systems
    • Economies as logical systems dependent on oracles
    • Claude Shannon - Entropy and the measurement of information
  • 33:17    |    
    Entrepeneurial creativity and FREEDOM at the center of the economy
  • 35:27    |    
    Wealth is knowledge, economic growth is learning
  • 37:19    |    
    Bitcoin and Gold - The Information Theory of Money
    • Bitcoin and its breakthrough in information theory
    • Enthusiasm for Bitcoin
    • Money is time
  • 53:57    |    
    The capitalist philosophy of success
  • 56:01    |    
    Questions and comments section
    • Why did you turn the axiom around, from "time is money" to "money is time"?
    • Could you explain how this differs from the Marxist labor theory of value?
    • Why did Shannon use the word: "entropy"?
    • Could you explain the relationship between order and entropy?
  • 01:12:02    |    
    Final credits

Wealth, Power and Knowledge

New Media  | 02 de mayo de 2014  | Vistas: 1410

In this lecture, George Gilder reviews pivotal ideas on the evolving model of economics, and its unequivocal association to freedom.

Gilder begins by refuting Milton Friedman's theory of constancy of money turnover, stating that people, not governments, are in control of money supply. Through historical examples, he champions the efficiency of free zones in China as an alternate means of liberating economies.

He then addresses two economic models in conflict. On one hand, economy can be defined as an incentive system, ruled by reward and punishment dynamics according to productivity. On the other, the ideal of the heroic, risky entrepreneur represents a model of economy driven by human creativity. Gilder provides a brilliant resolution to this conflict, based on his discerning analysis of technology and its basis on Information Theory. Economy, he says, is a logical system that is necessarily dependent on axioms outside itself - namely, new, surprising ideas from the creative entrepreneur. He sets freedom at the center of economic activity, as a measure of information exchange, and also a criterion of creativity.

Our technological achievements today, Gilder agrees, are entirely due to the growth of knowledge. The inevitable conclusion, then, is that wealth is knowledge, and therefore, growth is learning. In an insightful preamble to his upcoming book, he shares his thoughts on Bitcoin and its advances in information theory, leading to the enticing deduction that: if wealth is knowledge, and growth is learning, then, money is time.


George Gilder es inversionista, escritor y economista; cofundador de Discovery Institute,…


Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín