Chapter Three

The Opportunity Cost of Capital

“Biology tells us that we are animals, and like all living things we exist only because we capture energy from our surroundings. When short of energy, we grow sluggish and die; when filled with it, we multiply and spread out. … we are unlike other animals only in the tools … that evolution gave us. Using these, we humans have imposed our wills on our environments in ways quite unlike other animals, capturing and organizing ever more energy, spreading villages, cities, states, and empires across the planet.”1

– Ian Morris, historian

The birth of the capital market gave entrepreneurs a new way to get funding so that they could build their inventions and make the world a better place while at the same ...

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