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This bugs me for open foo. Eg, for books, you can create 100x more value by making your book available under an open license, but it's far easier to capture value if you publish restrictively. The invisible hand is also a rather inept hand in this case.https://twitter.com/devonzuegel/status/1048027088857382912 …
Perhaps most strikingly true for free and open protocols. The web, TCP/IP, SMTP, SSL (etc) are among humanity's greatest inventions of the past century. Their creators (mostly) got recognition and modest salaries. But they enabled trillions of dollars in value creation.
The part I find more stressful to think about is not the insufficiently compensated creators that produced wealth. It's all the technology that could exist but doesn't because the creators see the opportunity cost in working on it. I think about this a lot for software.
In “Schumpeterian Profits in the American Economy: Theory and Measurement” – Nordhaus estimates that innovators capture a mere 2.2% of the total “surplus” from innovation. (the total value to society of innovation above the cost of producing innovations.)
And there's very clear causation here too. Being open is exactly *why* these things are so great. Technically they're not all that (and certainly were not when first devised). There were plenty of proprietary network technologies ground into the dust by the open juggernaut.
value capture is a too old merchantilist book keeping concept with a wrong type of idea of time. If value capture is built on top of an autonomous network algos that exist until 2140 it would generate intergenerational wealth and prosperity for the inventors family
Owning IP is more rewarding than creating IP.
@devonzuegel how might one fix this? Maybe I'm a "man with a hammer," but I wonder if one could use a smart contract to charge for an asset according to the value generated downstream of it, maybe up to the nth degree.
Solves segmentation once and for all: free for side projects, entirely paid for by massive businesses
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