Throughout history, inventors and creators have captured very little value from their innovations: the Wright Brothers made no money, aviation industry cumulative profits were near zero for 100 years, Industrial Revolution factory efficiency increased 7-10% annually for decades but aristocracy retained most wealth, and most innovation historically features y=0% value capture
factualpending
Speaker
Peter ThielEvidence Quote
“The right Brothers didn't make any money nor did anybody else in the aviation industry for the next hundred years. Cumulative profits about zero. If you look at the first Industrial Revolution, efficiency of factories was increased 7-10% a year relentlessly for decades. Britain was transformed from 1780 to 1850, most wealth in Britain was still held by the landed aristocracy. Factory owners did not make much money. It was all competed away”
Created: 8/13/2026, 9:55:39 AM
My Notes
Loading notes...