Some economists became obsessed with market efficiency and others with market failure. Generally held to be members of opposite schools-freshwater and saltwater, Chicago and Cambridge, liberal and conservative, Austrian and Keynesian-both sides share an essential economic vision. They see their discipline as successful insofar as it eliminates surprise-insofar, that is, as the inexorable workings of the machine override the initiatives of the human actors.
George GilderA fundamental principle of information theory is that you canโt guarantee outcomesโฆ in order for an experiment to yield knowledge, it has to be able to fail. If you have guaranteed experiments, you have zero knowledge
George GilderIn an information economy, entrepreneurs master the science of information in order to overcome the laws of the purely physical sciences. They can succeed because of the surprising power of the laws of information, which are conducive to human creativity. The central concept of information theory is a measure of freedom of choice. The principle of matter, on the other hand, is not liberty but limitation- it has weight and occupies space.
George GilderLike the Pentagon, our social science often reduces all phenomena to dollars and body counts. Sexuality, family unity, kinship, masculine solidarity, maternity, motivation, nurturing, all the rituals of personal identity and development, all the bonds of community, seem "sexist," "superstitious," "mystical," "inefficient," "discriminatory." And, of course, they are -- and they are also indispensable to a civilized society.
George Gilder