My friend Morgan Housel at Collaborative Fund has been putting out amazing investment and personal finance content for years and years, but earlier this month he truly outdid himself.
In his just released paper on innovation and the way society responds to it, Morgan looks at the origins of both the automobile and the airplane to make some very important points about humanity’s attitudes toward new developments. Using original newspaper clippings housed at the Library of Congress, he teaches us more about ourselves than we could ever learn simply by reading the news today, or tomorrow.
These things follow a familiar pattern – doubt, ridicule and scorn, followed by acceptance and then massive societal change. We’re seeing this pattern play out now with a host of new technologies. Will one or a few of them ultimately become as important as the car or the plane? Probably. Just don’t base your predictions on what people are saying now, because without a doubt the majority of us are probably getting it wrong, judging by history.
I urge you to click over and either read this today or bookmark it for later. It’s very special.