America’s struggling economy needs a better philosophy than the college student's lament: "I can't be out of money, I still have checks in my checkbook!" We’ve tried a government spending spree, and we’ve learned it doesn’t work. Now is the time to rededicate our country to the pursuit of free market capitalism, before we’re buried under a mound of debt and unfunded entitlements. But how do we navigate between government spending that's too big to sustain and financial institutions that are "too big to fail?" In Knowledge and Power, George Gilder proposes a bold new theory on how capitalism produces wealth and how our economy can regain its vitality and its growth.
Gilder breaks away from the supply-side model of economics to present a new economic paradigm: the epic conflict between the knowledge of entrepreneurs on one side, and the blunt power of government on the other. The knowledge of entrepreneurs, and their freedom to share and use that knowledge, are the sparks that light up the economy and set its gears in motion. The power of government to regulate, stifle, manipulate, subsidize or suppress knowledge and ideas is the inertia that slows those gears down, or keeps them from turning at all.
One of the twentieth century’s defining economic minds has returned with a new philosophy to carry us into the twenty-first. Knowledge and Power is a must-read for fiscal conservatives, business owners, CEOs, investors, and anyone interested in propelling America’s economy to future success.
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About the Author
Gilder is perhaps known best for his 1981 book, Wealth and Poverty, which became an instant classic, truly serving as the supply-side economics bible of the Reagan revolution. The book, a New York Times bestseller, has sold more than a million copies since its initial release. According to a study of presidential speeches, Gilder was President Reagan’s most frequently quoted living author. In 1986, President Reagan gave George Gilder the White House Award for Entrepreneurial Excellence.
His New York Times bestseller Knowledge and Power (Regnery, 2013), presented a new theory of economics, based on the breakthroughs from information theory that enabled the computer revolution and the rise of the Internet. In a review, Steve Forbes stated that the book “will profoundly and positively reshape economics... [and] will rank as one of the most influential works of our era.” The book won the Leonard E. Read prize at FreedomFest in Las Vegas in 2013.
Mr. Gilder is a contributing editor of Forbes magazine and a frequent writer for the Economist, the American Spectator, the Harvard Business Review, the Wall Street Journal, and other publications. He lives in Tyringham, Massachusetts, in the Berkshire Mountains, where he is an active churchman, sometime runner, and with his wife Nini, parent of four children.
Table of Contents
Part 1 The Theory
1 The Need for a New Economics 1
2 The Signal in the Noise 7
3 The Science of Information 15
4 Entropy Economics 27
5 Romney, Bain, and the Curve of Learning 35
6 The Extent of Learning 47
7 The Light Dawns 57
8 Keynes Eclipses Information 65
9 Fallacies of Entropy and Order 79
10 Romer's Recipes and Their Limits 89
11 Mind over Matter 101
Part 2 The Crisis
12 The Scandal of Money 113
13 The Fecklessness of Efficiency 125
14 Regnorance 135
15 California Debauch 151
16 Doing Banking Right 161
17 The One Percent 177
Part 3 The Future
18 The Black Swans of Investment 197
19 The Outsider Trading Scandal 207
20 The Explosive Elasticities of Freedom 217
21 Flattening Taxes 235
22 The Technology Evolution Myth 241
23 Israel: InfoNation 251
24 The Knowledge Horizon 257
25 The Power of Giving 275