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George Gilder

Knowledge and Power: The Information Theory of Capitalism and How it is Revolutionizing our World Hardcover – June 10, 2013

by George Gilder (Author)

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Ronald Reagan’s most-quoted living author—George Gilder—is back with an all-new paradigm-shifting theory of capitalism that will upturn conventional wisdom, just when our economy desperately needs a new direction.

America’s struggling economy needs a better philosophy than the college student's lament: "I can't be out of money, I still have checks in my checkbook!" We’ve tried a government spending spree, and we’ve learned it doesn’t work. Now is the time to rededicate our country to the pursuit of free market capitalism, before we’re buried under a mound of debt and unfunded entitlements. But how do we navigate between government spending that's too big to sustain and financial institutions that are "too big to fail?" In Knowledge and Power, George Gilder proposes a bold new theory on how capitalism produces wealth and how our economy can regain its vitality and its growth.

Gilder breaks away from the supply-side model of economics to present a new economic paradigm: the epic conflict between the knowledge of entrepreneurs on one side, and the blunt power of government on the other. The knowledge of entrepreneurs, and their freedom to share and use that knowledge, are the sparks that light up the economy and set its gears in motion. The power of government to regulate, stifle, manipulate, subsidize or suppress knowledge and ideas is the inertia that slows those gears down, or keeps them from turning at all.

One of the twentieth century’s defining economic minds has returned with a new philosophy to carry us into the twenty-first. Knowledge and Power is a must-read for fiscal conservatives, business owners, CEOs, investors, and anyone interested in propelling America’s economy to future success.

Print length

400 pages
Language

English
Publisher

Regnery Gateway
Publication date

June 10, 2013
Dimensions

6 x 1.2 x 9 inches
ISBN-10

9781621570271
ISBN-13

978-1621570271
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Editorial Reviews

About the Author

George Gilder, editor in chief of Gilder Technology Report, is chairman of Gilder Publishing LLC, located in Great Barrington, Massachusetts. A cofounder of Discovery Institute, Mr. Gilder is a senior fellow of the Center on Wealth, Poverty, and Morality, and also directs Discovery’s program on high technology and public policy.

Gilder is perhaps known best for his 1981 book, Wealth and Poverty, which became an instant classic, truly serving as the supply-side economics bible of the Reagan revolution. The book, a New York Times bestseller, has sold more than a million copies since its initial release. According to a study of presidential speeches, Gilder was President Reagan’s most frequently quoted living author. In 1986, President Reagan gave George Gilder the White House Award for Entrepreneurial Excellence.

His New York Times bestseller Knowledge and Power (Regnery, 2013), presented a new theory of economics, based on the breakthroughs from information theory that enabled the computer revolution and the rise of the Internet. In a review, Steve Forbes stated that the book “will profoundly and positively reshape economics… [and] will rank as one of the most influential works of our era.” The book won the Leonard E. Read prize at FreedomFest in Las Vegas in 2013.

Mr. Gilder is a contributing editor of Forbes magazine and a frequent writer for the Economist, the American Spectator, the Harvard Business Review, the Wall Street Journal, and other publications. He lives in Tyringham, Massachusetts, in the Berkshire Mountains, where he is an active churchman, sometime runner, and with his wife Nini, parent of four children.

Product details

ASIN ‏ : ‎ 1621570274
Publisher ‏ : ‎ Regnery Gateway (June 10, 2013)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 400 pages
ISBN-10 ‏ : ‎ 9781621570271
ISBN-13 ‏ : ‎ 978-1621570271
Item Weight ‏ : ‎ 1.27 pounds
Dimensions ‏ : ‎ 6 x 1.2 x 9 inches

Best Sellers Rank: #183,985 in Books (See Top 100 in Books)
- #150 in Free Enterprise & Capitalism
- #249 in Political Economy
- #278 in Economic Policy

Customer Reviews:
190 ratings

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P.E.S

Information-based Economics, a Critique of Keynes, and Why Capitalism Works

Reviewed in the United States on April 28, 2020

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Knowledge and Power is a book about a new theory of economics that derives its core from Claude Shannon’s information theory. Gilder begins by introducing the reader to what information theory is and its two most crucial components: information and entropy. He describes information early in the book as “surprise”, but this definition is rather vague. As he continues throughout the book, at the beginning of the eleventh chapter, Gilder leaves the best sentence for what the information he is describing truly is: “Information is Change in what we know”. A change in one’s knowledge for the greater. Using this definition of information alongside Shannon’s concept of entropy (a random and continuous flow that all information has to disseminate; this can be either high or low), Gilder sets up a convincing proposition that supply and demand economics are wrong and that information theory can beat their explanations of the economy.

Largely the dominant theme of the book, Information-based economics also shares a small bit of the spotlight with two primary sub-themes. These sub-themes are Gilder’s scathing critiques of the Keynesian school of economics and of what Gilder calls the “materialist supposition”. Gilder considers the Keynesian crisis response that most modern politicians hail to be the dominant source of why capitalism has had such a decline in the West. He sees Keynesian inflation techniques and overreaching government regulation as a foe of capitalism on par with socialism and provides various examples that prove the Keynesians wrong. In addition, Gilder takes on the notion that one can simply reduce everything to a few chemical reactions and through a combination of quantum physics and information theory philosophy dismantles the supposition, which he believes takes away the credit of entrepreneurs and their contributions to economic growth.

Gilder ends his book with the assertion that capitalism works because it must give before it can take. This risky action demonstrates the care that capitalists take to invest and purchase. In a capitalistic society, investors must truly believe in the success of what they invest in without any notion that they can guarantee their success. This hope and freedom of outcome are what drive innovation in a capitalist society and they are what set the system apart from all others.

My only complaints about the book are that Gilder’s definition of information is a tad vague, even with the chapter eleven revelation. The other complaint is that Gilder at times gets very technical. Overall, a great book with many intriguing insights into why and how capitalism truly works, a real thought provoker.

7 people found this helpful

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Colleen K.

Garbage. I'm interested in the topic but this book sucks.

Reviewed in the United States on June 12, 2020

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Garbage that ironically increases in value the more time passes and the more the author is proven wrong. It does have the honor of being the most ironic book I've ever read. I never imagined a book based on information theory would have so much noise that it overwhelmed any semblance of a signal. I would still like to read a better written and researched book on this topic. Although after the horrible attempt here I will most likely separate it into one book on information theory and a different book on supply side economics.

I will keep this book as a time capsule of the toxic culture and thinking that were so prevalent in the decade it was written in. Calling Obama a socialist is no different from calling Trump a fascist. It irrelevant if the author says one or those or the other. Left or right wing we should all decry ideologues that use those words. I'm left wondering how much to comment on specific ideas in the book. Does the author deserve my respect? Certainly not on the merits of this book.

I will however honor the good faith of people that venture to read this book. You are likely trying to gain knowledge and the topic intrigues you. Here are four points that will increase your knowledge and help you understand why this book is garbage. The first point is to look at the actual data on Kyoto cherry blossoms mentioned in the book. Don't read left or right wing analysis. Don't look at a chart. Go get the actual data (up to the most recent year) and build the chart yourself. Then reflect on what was in the book. The second point is to do the same thing with US exports over time. Go back to at least 1940 and look at the trends. Chart it yourself and perhaps do some research on any changes that jump out at you. The third is to read Daniel Kahneman's Thinking, Fast and Slow or at least a summary of the book. The critical piece there is system 1 vs system 2 thinking. The fourth point is to look at the long term trend on Alphabet stock from IPO to today. Then ask yourself a question: what is more important, the percentage increase from pre-IPO to IPO or the absolute dollar increase from 2004-today? Where is there more information?

2 people found this helpful

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Reader KA

Misleading Title

Reviewed in the United States on July 24, 2020

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This is the first book I have ever read by George Gilder. I will admit that I am a novice when it comes to the subject matter of economics. However, I am in the middle of an MBA Program and can comprehend quite well so I will write a review.

I decided to purchase this book because I am an entrepreneur and interested in starting a non-profit in the Raleigh-Durham area. I also purchased this book because I hoped to gain new insight and knowledge about capitalism. I was under the impression that I would learn about knowledge and information in and of itself. I did find a splattering of useful knowledge and information throughout the book.

I was expecting something greater from this book. As I read the material I noticed subject matter ranging from: freemasonry, spirituality, politics, Greek philosophers, economics. And there is nothing wrong with that subject matter, but the author does not connect it all together and show a bigger picture.

George Gilder is definitely not too fond of Barack Obama or Marxism. That came across loud and clear all throughout the book.

There are many chapters in the book that the author sounds condescending. For example, "Financial crisis are no more a product of evil machinations than are hurricanes. If you build your house with the wrong stuff in the wrong place, with the wrong algorithm, you may be hit" (Gilder, 2013). Wow! Really. How insensitive can a person really get? Many Americans lost their homes during The Great Recession. Not to mention Americans have to pray they live through a hurricane.

I do not recommend other readers buy this book. Check it out at the library, borrow it from someone, or get it dirt cheap at a flea market or yard sale.

One person found this helpful

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Marcio Atz

Excelent perspective, necessary reading in our current dinamic world!

Reviewed in the United Kingdom on March 4, 2014

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The author explores an intelligent perspective of present reality, combines enlightening facts from history with ever so updated views of our information age. One of those books that makes a great difference in your education and understanding of relevant facts, a true gift to contemporary human knowledge.

W H Goodwin

COMMAND & CONTROL GOVERNMENTS ARE IRREVELANT IN AN AGE OF READILY ACCESSIBLE INFORMATION.

Reviewed in Canada on March 17, 2014

Verified Purchase

I don't feel qualified to be able to criticize Mr. Gilder or this book. I was impressed during the Reagan years with "Wealth & Poverty", which ushered in the 'Supply-side economic revolution", but I wonder if "Entropy Law II" will ever be 'catchy'? The 2nd Law of Thermohydro Dynamics (Entropy) states that: Energy of all kinds will disperse out if it is not hindered from doing so. Also,Entropy Change measures the dispersal of energy, i.e., how much energy is spread out in a particular process, or how widely spread out it becomes at a specific temperature.
Mr. Gilder seems to apply Entropy law to the dissemination of information throughout the universe. The freer the medium, the more rapid the dissemination of all information. The more rapid the dispersion of information to individuals, the more creative they become with it. Things or processes get innovated, invented or built. Entrepreneurs can more readily; employ & co-ordinate the other three factors of production (Land, Labor & Capital) into projects and enterprises of production, or services; expanding economies; wealth and prosperity, etc.,thus raising living standards, and employing more people.
Regrettably,on the down side, Mr. Gilder seems to have a penchant for verbosity, which I find to be quite annoying, especially when I don't know what he is talking about! Moreover, his expression of important parts of his thesis are fuzzy.
Finally, I think that we have all known, that information is fundamental to the 4th agent of production, i.e., Entrepreneurship.
Based upon the premise that Entrepreneurial activity is essential to the growth of economies and the prosperity of their peoples, Mr. Gilder uses Entropy Law to demonstrate that a stifling slow entropy (the medium of information dissemination) will frustrate, diminish or arrest, entrepreneurial activity( i.e.,fast entropy) to the detriment of everyone in that society.
Entropy and economics are both natural sciences, and observations in the one can be applied to the other.
I have probably not done Mr. Gilder justice with my understanding of what he has done in this book. It seems now, that what he was trying to prove, is that entropy and entrepreneurship are "Natural Laws", which should be observed and adhered to religiously. That would mean a 'sea change' for all tyrannies, and most western democracies.
If you are a 'control freak', this book could really make you Mad!

2 people found this helpful

Jörn Dinkla

Überraschung mit hohem Informationsgehalt

Reviewed in Germany on August 17, 2015

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Auf der einen Seite hält das Buch nicht 100% was der Titel verspricht, auf der anderen Seite ist es aber ein sehr anregendes Buch, das sehr viele wirtschaftliche, naturwissenschaftliche und informationstechnische Themen behandelt. Der Autor hat ein sehr breites Wissen, seine Schwerpunkte sind Wirtschaft, Finanzmärkte, Venture-Kapital, Startup-Förderung und IT.

Nach George Gilder liegt die Stärke des Kapitalismus darin, das nur die erfolgreichen Unternehmen, die Gewinne machen, die Möglichkeit erhalten, weitere Produkte herzustellen. Sie haben ja ihre Nützlichkeit bewiesen, ihre Produkte wurden gekauft. Zur Produktion von Waren und bei der Durchführung von Dienstleistungen ist sehr viel Wissen erforderlich. Ein Unternehmen ist eine Art Experiment, wie und zu welchem Preis waren produziert werden können, die dann von der “demand”-Seite auch nachgefragt werden. Ein Unternehmen muss das Wissen erst erlernen. Der Gewinn, der aus erfolgreichem Wirtschaften entsteht, gibt dem Unternehmen dann die “Power” weiterzumachen. In der heutigen Welt wird die “Power” allerdings durch Eingriffe des Staats beeinträchtigt. Laut Gilder wird damit “Noise” in das System eingeführt und stark geschädigt. Er macht das z. B. besonders beim Insider-Handel mit Aktien deutlich, der verboten wurde. Der Handel mit Aktien sollte eigentlich auf den Informationen beruhen, die man über eine Firma hat und nicht auf Spekulationen. Je weniger Informationen es aber über die Firmen gibt, desto mehr wird das System zum “Kasino-Kapitalismus”. Denn der Aktienkauf beruht nicht mehr auf Fachinformationen, sondern auf dem Zufall. Das ist ein Beispiel dafür, dass eine gut gemeinte Regulierung negative Begleiterscheinungen hat und von “Linken" dann “dem Kapitalismus” als negative Systemeigenschaft vorgeworfen wird.

Der Autor benutzt als Analogie die Idee, dass Information eine Überraschung, eine Abweichung vom Regulären ist. Erfolgreiche Firmen bringen Ideen mit einem hohen Überraschungspotential auf den Markt. Also die Information ist für den Markt an sich hoch, nicht das Produkt an sich. Ein Buch mit einem einfachen Satzbau und wenig Wörtern hat einen geringeren Informationsgehalt als ein Buch mit einem großen Wortschatz. Aber den Markt interessiert hier der Gewinn und wie viele Folgeprodukte man evtl. noch verkaufen kann usw. Und diese marktrelevante Information ist es, die höher ist.

Diese informationstheoretische Begründung ist aber nur informell. Das ist keine mathematische Argumentation und im strengen Sinn auch keine “The Information Theory of Capitalism”, wie es z. B. mathematisch vorgebildete Wirtschaftswissenschaftler erwarten würden. An manchen Stellen ist die Argumentation auch rein informationstechnisch nicht 100% sauber. Aber ich musste im Laufe des Buches feststellen, dass der Autor über sehr weitreichende Kenntnisse verfügt. Manchmal schlägt er da allerdings Schlachten, die nicht richtig zum Thema gehören, sondern eher in die amerikanische Politik. Andererseits ist alles interessant geschrieben und mich persönlich interessieren Querdenker sehr.

Auch wenn ich nicht mit allen Punkten des Autors übereinstimme und es ein paar Mängel gibt, ist das Buch ein Leseerlebnis und ich konnte es nur schwer aus der Hand legen.

3 people found this helpful

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Amazon Customer

Five Stars

Reviewed in Canada on March 12, 2018

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Great book

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