Chapter
The Role of Tools and Price Signals in Economics
1:07:30 - 1:11:26 (03:55)
The creation of tools, like a shovel, and the use of price signals, help us satisfy human wants faster, cheaper and more effectively, as well as coordinate human action across time.
Clips
The price of goods in the marketplace is like an economic nerve signal that coordinates human action across time, based on the collective subjective demand and purchasing power of humanity and the objective supply of capital and resources.
1:07:30 - 1:09:20 (01:50)
Economics
Summary
The price of goods in the marketplace is like an economic nerve signal that coordinates human action across time, based on the collective subjective demand and purchasing power of humanity and the objective supply of capital and resources.
ChapterThe Role of Tools and Price Signals in Economics
Episode#176 – Robert Breedlove: Philosophy of Bitcoin from First Principles
PodcastLex Fridman Podcast
The invention of tools allowed humans to better satisfy their wants by solving problems faster, cheaper, and more effectively utilizing the existing treasury of knowledge.
1:09:20 - 1:11:26 (02:05)
Tools
Summary
The invention of tools allowed humans to better satisfy their wants by solving problems faster, cheaper, and more effectively utilizing the existing treasury of knowledge.