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Capital allocation

Who decides where a society's money, time and talent go, how concentrated that decision is, and what gets built because of it.

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  1. 2026

  2. noteA billion without a plan

    Large language models were funded before anyone could say what they were for. That took a dense pool of capital and a few people deciding where it went.

    Capital allocationResearch labsTechnology racesEntrepreneurshipChinaUnited States

  3. noteWho carries progress

    A colleague says the breakthroughs come from academia and the state. I think they come from people who have to make things work, and that what they learn spreads.

    Capital allocationEntrepreneurshipDemocratisationHistory of technologyPost-scarcity

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