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Smith and Darwin

Matt Ridley gave a superb Adam Smith lecture, drawing parallels between the ideas of Charles Darwin and Adam Smith.  Evolution develops through mutations and a selective death rate, in which the least fit fail to survive.  The market works through innovation, and a selective attrition rate in which those businesses that cannot cut it go to the wall.

What makes evolution faster is sex, the exchange of genes, and its parallel is when ideas have sex, and interchange with each other, creating new combinations and new ideas.  The more we trade and exchange, the more we exchange ideas and innovations, and the more we progress. Powerful stuff.

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