Lesson: Demand Horizon with Gerry Campbell

Step #2 The Perspective: The supply side no longer drives the supply and demand balance

The telescope was invented in 1607 by a guy somewhere in the Netherlands who made optical glass. He created this crazy way to see further away. Galileo stole that idea from him and said, "Because you're not an academic, you're not a really good thinker, I invented it," and took all the credit. Academics do that, I guess.

Galileo in 1609 started making telescopes and improving on it and improving on it. It wasn't until 1807 that somebody strapped a pickle barrel to the top of a mast on a ship and actually used it to see beyond the horizon. So there were telescopes, there were ships for 200 years and somebody just said, "Wait, we got this, we got that, let's put this things together." And now they could see further than ever before. They could navigate better.

The idea here is that the demand materializes so you can actually make that happen. A really smart guy named Frank Knight in 1921 looked at the difference between uncertainty and risk. Uncertainty is where economic value comes from. You can dig into it if you want. But the idea is that by materializing demand you make a ton of money.