Anthropic

In the spring of 1722, a 16-year-old apprentice in a Boston print shop began slipping letters under the door at night, signed by a middle-aged widow named Silence Dogood, who did not exist. The apprentice was Benjamin Franklin. His brother James, who owned the paper, had no intention of printing his kid brother, so Franklin invented a woman and let her say the things he couldn’t. Readers wrote in guessing at the author. No one suspected the boy sweeping the floor. Franklin would go on to be a printer, a postmaster, a scientist famous across Europe for his electrical experiments and a founder of libraries, fire companies and, in time, of the United States itself.

I recently walked past an old minicab stand which, during our younger student days, sallied my friends back and forth between the city’s nightlife and our more affordable suburban digs. It is gone now; only a dilapidated and cordoned-off shack remains of a once-thriving minicab empire. Like thousands of others across the western world, the business went into terminal decline the moment Uber appeared in our lives. Yet a simple check of the app today shows the price of an Uber is not substantially less than a minicab ride back then. Uber rocketed to celestial heights because it was heavily subsidized by venture capital – driving the value through the floor, bankrupting all physical competitors, before it then jacked up the price to create an instant monopoly.