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So why are economists obsessed with competition as an ideal state? It’s a relic of history. Economists copied their mathematics from the work of 19th… - Peter Thiel
" "So why are economists obsessed with competition as an ideal state? It’s a relic of history.
Economists copied their mathematics from the work of 19th-century physicists: they see individuals
and businesses as interchangeable atoms, not as unique creators. Their theories describe an
equilibrium state of perfect competition because that’s what’s easy to model, not because it
represents the best of business. But it’s worth recalling that the long-run equilibrium predicted by
19th-century physics was a state in which all energy is evenly distributed and everything comes to
rest — also known as the heat death of the universe. Whatever your views on thermodynamics, it’s a
powerful metaphor: in business, equilibrium means stasis, and stasis means death.
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About Peter Thiel
Peter Andreas Thiel (born 11 October 1967) is a German-American billionaire entrepreneur, hedge fund manager, venture capitalist, philanthropist, political activist, and author. A co-founder of PayPal, Palantir Technologies, and Founders Fund, he was the first outside investor in Facebook.
Biography information from Wikiquote
Also Known As
Alternative Names:
Peter Andreas Thiel
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Peter A. Thiel
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Economists copied their mathematics from the work of 19th-century physicists: they see individuals and businesses as interchangeable atoms, not as unique creators. Their theories describe an equilibrium state of perfect competition because that’s what’s easy to model, not because it represents the best of business.
Additional quotes by Peter Thiel
the trivial but revealing hallmarks of urban hipsterdom: faux vintage photography, the handlebar mustache, and vinyl record players all hark back to an earlier time when people were still optimistic about the future. If everything worth doing has already been done, you may as well feign an allergy to achievement and become a barista.
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Like acting, sales works best when hidden. This explains why almost everyone whose job involves distribution — whether they’re in sales, marketing, or advertising — has a job title that has nothing to do with those things. People who sell advertising are called “account executives.” People who sell customers work in “business development.
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