Patrick Carroll, writing for the Foundation for Economic Education, highlights five of the most commonly misunderstood concepts in economics: scarcity, greed, growth, public goods, and capitalism. Many people assume scarcity is a result of flawed systems, but as Ludwig von Mises noted, it is a permanent reality of limited resources. Similarly, attributing rising prices or low wages to greed misses the point, profit-seeking is constant, while external factors drive changes. On growth, Carroll stresses that economists define it as value creation, not resource depletion, meaning “virtually infinite ways to arrange atoms” can fuel progress, as Marian Tupy and Gale Pooley argue. Public goods, he clarifies, are non-rivalrous and non-excludable, not merely government-provided services. Finally, Carroll underscores that capitalism is often mistaken for cronyism, when in fact, as Milton Friedman observed, “true capitalism” rejects subsidies, protections, and bailouts, fostering competition and resilience.
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MIT Technology Review reports that Akido Labs, a Southern California startup, is deploying large language models (LLMs) to shoulder much of the work traditionally performed by doctors. Its proprietary system, ScopeAI, transcribes and analyzes patient conversations, generates diagnostic options, and recommends treatments, which are then approved by a physician. “Our focus is really on what we can do to pull the doctor out of the visit,” said CTO Jared Goodner. CEO Prashant Samant argues this enables physicians to treat four to five times more patients, a critical efficiency as Medicaid funding shrinks. Early use in cardiology, endocrinology, and street medicine has cut treatment delays dramatically, with one doctor noting the system allows him “to be in 10 places at once.” Still, experts warn of risks, including automation bias, uneven insurance coverage, and unresolved regulatory questions that could shape AI’s role in health care delivery.
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Polish investors now have regulated access to Bitcoin exposure as the Warsaw Stock Exchange (GPW) has launched the country’s first Bitcoin exchange-traded fund (ETF), Bitcoin News reports. The fund, called the Bitcoin BETA ETF, was introduced by AgioFunds TFI SA and tracks CME-traded Bitcoin futures rather than holding the asset directly. To reduce volatility, it incorporates foreign exchange hedging against USD/PLN fluctuations. “Offering exposure to Bitcoin through an ETF listed on GPW increases safety of trading,” said GPW Management Board member Michał Kobza, noting its transparency and regulatory oversight. Liquidity is provided by Dom Maklerski BOŚ, ensuring smoother trading for investors. Approved by Poland’s Financial Supervision Authority in June, the ETF reflects growing retail and institutional demand. While futures-based funds may underperform spot products, the launch highlights Eastern Europe’s increasing integration into global digital asset markets.
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IREN’s stock surged 9% this week in premarket trading to nearly $42 after the Australia-based Bitcoin miner announced it will double its AI cloud capacity by adding 12,400 GPUs, bringing its total fleet to 23,000. The $674 million order includes 7,100 Nvidia B300s, 4,200 B200s, and 1,100 AMD MI350X units, broadening the company’s reliance beyond Nvidia. Deliveries will be staged at IREN’s Prince George campus in British Columbia, which is ultimately capable of hosting over 60,000 Blackwell GPUs, with additional expansion eyed in Texas. The company projects more than $500 million in annualized run-rate revenue by the first quarter of 2026, citing strong demand from customers pre-booking multi-thousand-GPU clusters. While historically operating 50 EH/s in Bitcoin mining, IREN is rapidly shifting data centers toward AI, with management emphasizing that mining operations will be preserved by reallocating ASICs across sites.
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