Knowledge Grows Faster Than Compound Interest

Remember that accumulated knowledge, like accumulated capital, increases at compound interest: but it differs from the accumulation of capital in this; that the increase of knowledge produces a more rapid rate of progress, whilst the accumulation of capital leads to a lower rate of interest. Capital thus checks its own accumulation: knowledge thus accelerates its own advance. Each generation, therefore, to deserve comparison with its predecessor, is bound to add much more largely to the commo...

 Knowledge Produces More Rapid Rate of Progress

Remember that accumulated knowledge, like accumulated capital, increases at compound interest: but it differs from the accumulation of capital in this; that the increase of knowledge produces a more rapid rate of progress, whilst the accumulation of capital leads to a lower rate of interest. Capital thus checks its own accumulation: knowledge thus accelerates its own advance. Each generation, therefore, to deserve comparison with its predecessor, is bound to add much more largely to the commo...

 Spend 20 Percent of Your Time Learning New Things

He says things like, "Do good stuff." He says, "If you don't do good stuff, in good areas, it doesn't matter what you do." And Hamming said, "I always spend a day a week learning new stuff. That means I spend 20 percent more of my time than my colleagues learning new stuff. Now 20 percent at compound interest means that after four and a half years I will know twice as much as them. And because of compound interest, this 20 percent extra, one day a week, after five years I will know three time...