Quality is abundant. Time is the new scarcity.

The differences between the sexes are the single most important fact of human society.

From the equilibrium and spontaneous order of Adam Smith and his heirs, from invisible-handed markets and perfect competition, supply and demand, and rewards and punishments, I was pushed to theories of disequilibrium and disorder, and information and noise, as the keys to understanding economic progress.

Like 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.

People cannot be expected to learn one expertise and just apply it routinely in a job. Your expertise is in steadily renewing your knowledge base and extending it to new areas. That lifelong cycle of learning really is the foundation of the new information organization and economy.

In order to understand the movement of prices, you need not an oscilloscope to measure the entire market and reduce it to noise, but a microscope to investigate the creative process behind every company and its price.

Quality is abundant. Time is the new scarcity.