“Money Talks: Economy, Finance, and Investment”
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Freedom, Trust, Cost: Why Freedom is Key…
Read in Korean Market development is economic growth. So, what is necessary for markets to develop? While scholars explain this using various theories, the essentials for a market are fundamentally freedom and trust. Furthermore, markets develop as transaction costs decrease. Freedom There’s a…
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Demand: Townspeople who are both customers and teachers to one another.
Read in Korean Today, over 8 billion people inhabit the Earth. Such a large population living together is a relatively recent phenomenon. Around 1500, at the beginning of the Age of Exploration, the global population was only around 500 million. Following…
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Threads of Reality:
Read in Korean A network connected by the warp and weft of space-time We have briefly examined the dazzling economic growth that followed the “Age of Merchants” from the perspective of “competition and imitation.” This is akin to threading a few…
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The Nations That Became Wealthy
Read in Korean Darwin’s theory of evolution suggests that nature changes according to the principle of survival of the fittest. In short, the strong survive, while those who are not fit disappear. The “fittest” refers to those who are best suited…
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Rich Village, Poor Village
Read in Korean Prologue: The Economy of a Village of 8 Billion “It is my cherished ambition that the world produces many people with ‘cool heads and warm hearts’ who are willing to devote even a part of their abilities to…
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There’s No Such Thing as a Free Lunch
Read in Korean If we were to distill all the world’s knowledge and wisdom into a single sentence, it would be, “There’s no such thing as a free lunch.” In physics, this idea is known as the Second Law of Thermodynamics,…