The Wake Up Call was finding this startling statistic that web usage in the spring of 1994 was growing at 2300% a year. Things just don't grow that fast. It's highly unusual. That's me about thinking what kind of business plan might make sense in the context of that growth. I think there are a couple of things and one of the things that everybody should realize and that is probably the single most important factor is that any startup company that turns into a substantial company over the years never lose track of the fact that there was a lot of luck involved in that. So there are a lot of entrepreneurs. There are a lot of people who are very smart, very hardworking, very few ever have the planetary alignment that leads to a tiny little company growing into something substantial.
So that requires not only a lot of planning, a lot of hard work, a big team of people who are all dedicated but it also requires that not only the planets align but you get a few galaxies and they are aligning too. And that's certainly what happened to us. Our timing was good. Our choice of product categories books was a very good choice and we did a lot of analysis on that to pick that category as the first best category for e-commerce online. But there were no guarantees that that was a good category. At the time we launched this business it wasn't even crystal clear that the technology would improve fast enough that ordinary people, non-computer people would even want to bother with this technology. So that was good luck. So there are a whole bunch of things that have to sort of align to make it work.
I went to my boss and said to him, you know, I'm going to go do this crazy thing and I'm going to start this company selling books online. And this is something that I already been talking to him about in a sort of more general context but then he said let's go on a walk. We went on a two hour walk in Central Park in New York City and the conclusion of that was this he said, you know, this actually sounds like a really good idea to me. But it sounds like it would be a better idea for somebody who didn't already have a good job. And he convinced me to think about it for 48 hours before making a final decision. And so I went away and was trying to find the right framework in which to make that kind of big decision.
And you know, I already talked to my wife about this and she was very supportive and said look, you know, you can count me in 100 percent, whatever you want to do. You know, it's true. She had married this kind of, you know, fairly stable guy in a stable career path. And now he wanted to go do this crazy thing but she was 100 percent supportive. So it really was a decision that I had to make for myself. And the framework I found which made the decision incredibly easy was what I called, which only a nerd would call a regret minimization framework. So I wanted to project myself forward to age 80. And so, okay, now I'm looking back on my life. I want to have minimized the number of regrets I have.
And you know, I knew that when I was 80, I was not going to regret having tried this. I was not going to regret having wanted, you know, trying to participate in this thing called the internet that I thought was going to be a really big deal. I knew that if I failed, I wouldn't regret that. But I knew the one thing I might regret is not ever having tried. And I knew that that would haunt me every day. And so when I thought about it that way, it was an incredibly easy decision. And I think that's a very good, it's if you can project yourself out to age 80 and sort of think, what will I think at that time? It gets you away from some of the daily pieces of confusion.
You know, I left this Wall Street firm in the middle of the year. When you do that, you walk away from your annual bonus. And that's the kind of thing that the short term can confuse you. But if you think about the long term, then you can really make good life decisions that you won't regret later. Most regrets by the way are acts of omission and not commission. You know, I think most people when they're 80 years old, you know, you can do bad things. You can go murder somebody and that would be bad and that would be an act of commission that you would regret. But most, you know, everyday ordinary non-murderors, their big regrets are omissions.
Well, you know, that blank sheet of paper stage is one of the hardest stages. And one of the reasons it's hard is because at that stage, there's nobody counting on you but yourself. You know, one of the things that is very motivating, I mean, today it's easy because we've got, you know, millions of customers counting on us and, you know, thousands of investors counting on us and then thousands of employees all counting on each other. But in that beginning stage, it's really just you and you can quit any time. Nobody's going to care. And so you said about doing the simple things first. So you want to start a company. Well, the first thing you do is you should write a business plan.
And so I did that. I wrote about a 30 page business plan. I wrote a first draft. I actually wrote the first draft on the car trip from, you know, from the east coast to the west coast. And that was, that is very helpful. Now the business plan won't survive. It's first encounters with reality. It will always be different. The reality will never be the plan. But the discipline of writing the plan forces you to think through some of the issues and to get sort of mentally comfortable in the space. I mean, then you sort of, you start to understand, you know, if you push on this knob, this will move over here and so on. And so that's the first step.
Tried to get a lot of the little housekeeping details done even before we arrived in Seattle called an attorney, actually. I called a friend who lived in Seattle. I asked him, he recommended an attorney. He said, yes, he recommended his divorce lawyer. But that's who we used. It was a general practitioner and a small guy, you know, a sort of small, sole practitioner. He incorporated the company. He asked me on the cell phone, what name would you like the company incorporated? I said, Kadabra, as an abra Kadabra. And he said, Kadabra? And I knew then that was not going to be a good name. So we went ahead and incorporated it under that name. We changed it about three months later.
I stopped in San Francisco and interviewed vice presidents of engineering because that was going to be an important, long lead time item. We needed to build the technology that would run the store and found the person who turned out to be the most important person ever in the history of Amazon.com on that trip. A guy named Shel Capin who built all of our early systems with help from others. But he really sort of architected them and engineered them and just did a fantastic job. So that, you know, so the initial hiring, right, writing the business plan, the initial hiring, getting the company incorporated, all these, you know, they're very, in a way, they're sort of, you know, simple, almost pedestrian tasks. But that's how you start one step at a time.
The first sort of initial startup capital for Amazon.com came primarily from my parents. They invested a large fraction of their life savings in what became Amazon.com. And you know, that was a very bold and trusting thing for them to do because they didn't, you know, my dad's first question was, what's the internet? Okay, so this, he wasn't making a bet on this company or this concept. He was making a bet on his son, as was my mother. So, and I told them that I thought there was a 70% chance that they would lose their whole investment, which was a few hundred thousand dollars. And they did it anyway. And, you know, and I thought I was giving myself triple the normal odds because, you know, there's really, you know, if you look at the odds of a startup company succeeding at all, it's only about 10%. Here I would give myself a 30% chance.
Startup companies need early planetary alignment because there are so many things that can go wrong. And when we launched that store in July of 1995, we were shocked at the customer response. You know, literally in the first 30 days, we had orders from all 50 states and 45 different countries. And we were woefully unprepared from an operational point of view to handle that kind of volume. And in fact, we quickly expanded, we talked to our landlord and we expanded into a 2000 square foot basement warehouse space. It had six foot ceilings. One of our 10 employees was 6'2". He went around like this the whole time.
And we were doing our day jobs, which might have been computer programming and all the different things that 10 people will do in a little tiny startup company. And then we would spend all afternoon and until the wee hours of the morning packing up the orders and shipping them out. I would drive these things to UPS. And so we'd get the last one and we'd wait until the last second. I'd get to UPS and I'd sort of bang on the glass door that was closed and they always would take pity on me and sort of open up and let us, you know, ship things late. We had so many orders that we weren't ready for that we had no real organization in our distribution centers at all.
In fact, we didn't, we were packing on our hands and knees on a hard concrete floor. And the, I remember just to show you how stupid I can be. I was, you know, my only defense is that it was late. But we were packing these things, everybody, everybody in the company. And I had this brainstorming, as I said to the person next to me, this packing is killing me. You know, my back hurts. This is killing my knees on this hard cement floor and the person said, yeah, I know what you mean.
And I said, you know what we need? This is my brilliant insight. We need knee pads. I was very serious. And this person looked at me like I was the stupidest person they'd ever seen. They're like, I'm working for this person. This is great. And I said, what we need is packing tables. And I looked at this person and I thought that was the smartest idea I'd ever heard. The next day we got packing tables and I think we doubled our productivity. That early stage, by the way, of Amazon.com, where we were so unprepared, is probably one of the luckiest things that ever happened to us because it formed a culture of customer service in every department of the company.
Every single person in the company because we had to work with our hands so close to the customers, making sure those orders went out, really set up a culture that served us well. And that is our goal to be Earth's most customer-centric company. And then a second round of fundraising about a year later or so, we raised a million dollars and I had to talk to about 60 different people. This is Angel Investor. So venture capitalists were totally uninterested.
And this was a time, it wasn't like what people think of today. And in 1998 and 1999, you could raise 60 million dollars for an internet idea without a business plan, with a single phone call. It was a very different era, but back in 1995, it was very difficult to raise money. And by the way, it wasn't more difficult than it had been for the previous 20 years to raise money. It just was sort of normally hard. It's supposed to be hard to raise a million dollars. And so with a lot of hard work, we raised that million dollars for about 20 different angel investors who invested about $50,000 each.
And that was the original money that really funded Amazon.com. Once you are looking at the odds in a realistic way, it's very important for entrepreneurs to be realistic. And so if you believe on that first day while you're writing the business plan that there's a 70% chance that the whole thing will fail, then that kind of relieves the pressure of self-doubt. I mean, it's sort of like, I don't have any doubt about whether we're going to fail. That's the likely outcome. And it just is.
And to pretend that it's not will lead you to do strange and unnatural things. So what you do with those early investment dollars, so if you have $300,000 and then you have a million dollars, what you do with those early, precious capital resources is you go about systematically trying to eliminate risk. So you pick whatever you think the biggest problems are and you try to eliminate them one at a time. And that's how small companies get a little bit bigger and a little bit bigger and a little bit bigger.
And until finally, at a certain stage, you reach a transition where you have where the company has more control over its future destiny. When a company is very tiny, it needs a tremendous amount of not only hard work, but as we talked about earlier, luck. As a company gets bigger, it starts to become a little more stable where if at a certain point in time, the company has a much bigger influence over its future outcome. It needs a lot less luck and instead it needs the hard work. And at that point, in a way, at that point, there's a little bit more pressure because then if you fail, you have nobody to blame but yourself.
I had what I consider to be in idyllic childhood. I had two parents who loved me incredibly. I also had a tremendous amount of contact with my grandparents, my mom's parents. In fact, I spent all my summers on my grandfather's ranch not far from where we're sitting right now, not far from San Antonio. And spent three months every year from the age of four to age of 16 working on the ranch with my grandfather, which was just an incredible experience. Ranchers and anybody who works in rural areas, they learn how to be very self-reliant and whether they're farmers, whatever it is they're doing, they have to rely on themselves for a lot of things. My grandfather did sort of all of his own veterinary care on the cattle. We would repair the D6 caterpillar bulldozer when it broke and it had gears this big. We would build cranes to lift the gears out. This is just a very common sort of thing that folks in faraway places do. I think it was a great experience.
I remember the very first occupation I wanted to be when I think I was about six years old as archaeologist. This was even I would like to point out. It's a point of pride pre-Indiana Jones. Then I wanted to be an astronaut. Then later, by the time I was in my high school years I wanted to be a physicist. Then by the time I got to college, I wanted to be a computer programmer. That's actually what I studied in school. That's what led me along the path I'm on. I had some family role models and I had some other people, some sort of historical role models that I really looked at too. Certainly my grandfather was a serious role model for me. I just had spent so much time. I think you learn different things from grandparents and you learn from parents. It's great I would encourage anybody to try to spend time not only with their parents but with their grandparents.
I also had two people I always would read about and were Thomas Edison and Walt Disney. Those were sort of my two biographical heroes. I've always been interested in inventors and invention and Edison of course just for a little kid and probably for adults too. I still feel this way at least. Not only the symbol of that but the actual fact of that, the just incredible inventor. I've always felt that there's a certain kind of important pioneering that goes on from an inventor like Thomas Edison. Then Disney was a different sort of thing. He also, you know, a real pioneer and an inventor and doing new things. But it seemed to me that he had this incredible capability to create a vision that he could get a large number of people to share because the things that Disney invented like Disneyland, you know, the theme parks and so on, they were such big visions that no single individual, unlike a lot of the things that Edison worked on, no single individual could ever pull them off. Walt Disney really was able to get a big team of people working in a concerted direction.
I was very nerdy and good student. So I was in the goody-goody class of students and was always working hard studying, always did my homework on time. I was a good student. I liked school. The things I got into trouble on were like I lost my library privileges one time which was really inconvenient for me because I was actually for laughing. I know you'll never believe this, but laughing too loudly in the library. I've had this laugh all my life. I have no idea where it came from. There was a period where my brother and sister wouldn't go see a movie with me. It was too embarrassing. But no, I was sort of, you know, probably unnaturally on the side of not getting in trouble. By the time I was in high school, we did some pranks-type things, but they were the kind of pranks that at the end of the day the teachers actually secretly loved.
I remember in fourth grade we had this wonderful contest which was the people in the class. There was some prize that came from where it was, whoever could read the most newberry award winners in a year. I read through, I didn't end up winning. I think I read like 30 newberry award winners that year, but somebody else read more. And the stand out there is the old classic that I think so many people have read and enjoyed a wrinkle in time. I just remember loving that book. I was always a big fan of science fiction even from when I was in elementary school reading various things and loved of course the Hobbit and the Tolkien's trilogy that follows on from that. And this little town where my grandfather lived in the summers where I spent my time in the summer had a tiny little Andrew Carnegie style library that where all the books had been donated from the local citizens.
And I found, I mean this is a very small library, smaller than the room that we're sitting in now. And it had an extensive science fiction collection because it just so happened one of the residents of this 3,000 person town had been a science fiction fan and donated their whole collection. And that started to love affair for me with people like Heinlein and Asimov and all the well-known science fiction authors that persist to this day. My math teacher in either fourth or fifth grade, I can't remember Mrs. McInerney, she had a big influence on me. My calculus teacher in high school, Mr. Moore, he had a big influence on me. Mrs. Delchamps who taught chemistry in high school. Mrs. Rule who taught physics. I really, I have been blessed with conscientious, hardworking, super smart teachers.
And I don't know because I only got to go through school once so I don't know if I have a feeling I was lucky. I know there are a lot of hardworking teachers out there but I seem to have had more than my fair share. I always wanted to please, it was one of the things and I think one of the things that these teachers who are really, really good do is they recognize that they're students. They create that environment where you can be very satisfied by the process of learning that's going on. So it's like anything, if you do something and you find it to be a very satisfying experience, then you want to do more of it. And so the great teachers somehow convey and their very attitude and their words and their actions and everything they do that this is an important thing you're learning.
And by doing that, you end up wanting to do more of it and more of it and more of it. And I think that's a real talent that some people have to kind of convey the importance of that and to reflect it back to the students. I was very difficult to punish for my parents because they would send me to my room and I was always happy to go to my room because I would just read. So it was quite, if I talked back or did anything that was sort of go your grounded and you have to stay in your room, that was always fine with me. So I was a big reader. I remember playing lots of games in elementary school, like Kick the Can and various tag and all the outdoor games and so on. And I did all those things.
I think I had a very kind of normal sort of, except for my ranch experience, which I think is very unusual for experiencing a great one to have had. I think my experience as a kid was a very normal one. I was five and six years older than them. So now that I'm 37 years old, it's like we're of the same generation. When I was 15 and they were 10 and nine, I had no time for them whatsoever. It was, they were always like the pesky younger siblings that I was trying to, you know. I was constantly booby trapping the house with various kinds of alarms. Some of them were not just audible sounds, but actually physical booby traps. I think I occasionally worried my parents that they were going to open the door one day and have 30 pounds of nails drop on their head or something.
I was always, you know, our garage was basically, you know, science fair central. And my mom is a saint because she would drive me to Radio Shack multiple times a day to the point where she would finally say, okay, look, will you please get your parts list straight before we go? You know, I can't handle more than one trip to Radio Shack per day. So there was a lot of that kind of stuff going on in our house. I went to Princeton primarily to, because I wanted to study physics, and it was such a fantastic place to study physics. And things went fairly well until I got to quantum mechanics and I started, and I really were about 30 people in the class by that point.
And it was so hard for me. And I just remember there was a point in this where I realized, I'm never going to be a great physicist. There were three or four people in the class whose brains were so clearly wired differently to process these highly abstract concepts in, you know, so much more. I mean, I was doing well in terms of the grades I was getting, but for me, it was laborious, hard work. And for some of these truly gifted folks, it was awe-inspiring for me to watch them, because in a very easy, almost casual way, they could absorb concepts and solve problems that I would, you know, work 12 hours on.
And it was a wonderful thing to behold. At the same time, I had been studying computer science and was really finding that that was something where I was drawn to, drawn, I was drawn to that more and more. And that turned out to be a great thing. So I found one of the great things Princeton taught me is that I'm not smart enough to be a physicist. I was very, very lucky because in fourth grade, which for me would have been, it would have been about 1974, I had access to a mainframe computer. There were no personal computers in 1974, and there was a company in Houston that had loaned excess mainframe computer time to this little elementary school.
And we had a teletype that was connected by an old, you know, acoustic modem. You literally dialed a regular phone and picked up the handset and put it in this little cradle. And nobody, none of the teachers knew how to operate this computer. Nobody did, but there was a stack of manuals. And me and a couple of other kids stayed after class and learned how to program this thing. And that worked well for maybe about a week. And then we learned that the mainframe programmers in some central location somewhere in Houston had already programmed this computer to play Star Trek. And from that day forward, all we did was play Star Trek.
And that's actually something I should have mentioned. I used a large portion of my elementary school free time hours, not only watching Star Trek. The original, of course, but also playing Star Trek. And everybody wanted to be, all of my friends, we all wanted to be Spock. And if you couldn't be Spock, then you would be Captain Kirk. And if you couldn't be Captain Kirk, then it started to separate. Some people wanted to be different. Some people wanted to be Bones. I never wanted to be Bones. I would take as my third choice. If I couldn't get Spock or Kirk, I would take the computer. It was a, somebody would ask, because the computer was fun to play, because people would ask you questions and they'd say computer and you'd say working.
I think it's always hard to know why you're drawn to a particular thing. I think part of it is if you have a facility with that thing, then of course it's satisfying to do it in a way that's self-reinforcing. And certainly I always had a facility with computers. I always got along well with them. And there's such extraordinary tools. I mean, you can teach them to do things and then they actually do them. I mean, it's kind of an incredible tool that we've built here in the 20th century. And that was a love affair that really did start in fourth grade. And then by the time I got to high school, I think when I was in 11th grade, I got an Apple II Plus and continued fooling around with computers.
我觉得总是很难知道你为什么会被某件事情吸引。部分原因可能是,如果你在这方面有一定的天赋或能力,那么做起来就会很有满足感,会不断激励自己。而且我一直在电脑方面有这种天赋,我和它们相处得很好。电脑真的是非常了不起的工具,你可以教它们做事情,它们也确实会去做。这真是20世纪创造的一个令人惊叹的工具。这种迷恋其实从我四年级就开始了。到了高中时,大概在我十一年级的时候,我得到了一台 Apple II Plus,然后继续与电脑打交道。
And then by the time I got to Princeton, I was taking all the computer classes and actually not just learning how to hack, but learning about algorithms and some of the mathematics behind computer science. And it's fascinating. I mean, it's really a very involving and fun subject. I toyed with the idea of starting a company and even talked to a couple of friends about starting a company and ultimately decided that it would be smarter to wait and learn a little bit more about business and the way the world works. You know, one of the things that it's very hard to believe when you're 22 or 23 years old is that you don't already know everything.
It turns out, I mean, as I suspect, you know, people learn more and more as they get older that you seem to learn, you seem to realize that you know less and less every year that goes by. I can only imagine that by the time I'm 70, I will realize I know nothing. So that was, I think, a very good decision to not do that. I went to work for a startup company, but you know, one in New York City that was building a network for helping brokerage firms clear trades. I mean, it's kind of an obscure thing and it's not very interesting to go into, but it used my technical skills and it was very fun work and I loved the people I was working with. And then that sort of, from then on, I started working sort of at the intersection of computers and finance and stayed on Wall Street for a long time, ultimately worked for a company that did this thing called quantitative hedge fund trading. So we programmed the computers and then the computers made stock trades and that was very interesting too. And that was where I was working when I came across the fact that the web was growing at 2300% a year and that's what led to the forming of Amazon.com.
I think the internet in general, Amazon.com in particular, this is still chapter one. So you're sort of asking me about my story and it's still sort of the very beginning. And which I think is, you know, it is interesting because there's, you know, there's, there's still a lot of this to be built, a lot of technology to build, a lot of innovations for customers to be built and also the financial side of the story is still playing itself out in real time. But you know, there are, there's a lot of visibility on the internet and there has been for the last couple of years. The first, you know, four years of the company, you know, we sort of worked in relative obscurity and it was, you know, we always had lots of supporters and we always had lots of skeptics. And that's still the same today. It's just that the level of visibility is so much higher.
So, you know, if you look at the six years that we've been doing business so far, one of them, exactly one of those six years, we were not the underdog and that was 1999. And that was the weird year for us. Now it's much more normal. It's more what we're used to. You know, at this point in time, we haven't built a lasting company yet. We still have a tremendous amount of hard work ahead of us. But we have all the assets in place now. We have eliminated the necessity for the luck that a startup company requires. And now, you know, our future is in our own hands as a team and as a company. We have so many smart people. We have so many customers who treat us so well. And we have the right kind of culture that obsesses over the customer. If there's one reason we have done better than most of our peers in the internet space, you know, over the last six years, it is because we have focused like a laser on customer experience and that really does matter.
I think in any business, it certainly matters online where word of mouth is so very, very powerful. You know, if you make a customer unhappy, they won't tell five friends. They'll tell five thousand friends. So we are at a point now where we have all the things we need to build an important and lasting company. And if we don't, it will be shame on us. I think in my particular case, I laugh a lot. So it is, you know, there are, I think, stress. You can be, like one of the things that's very important to note about stress is that stress primarily comes from not taking action over something that you can have some control over.
So if I find that some particular thing is causing me to have stress, that's a warning flag for me. What it means is there's something that I haven't completely identified, perhaps in my conscious mind, that is bothering me and I haven't yet taken any action on it. I find as soon as I identify it and make the first phone call or send off the first email message or whatever it is that we're going to do to start to address that situation, even if it's not solved, the mere fact that we're addressing it dramatically reduces any stress that might come from it. So stress comes from ignoring things that you shouldn't be ignoring, I think, in large part.
So stress doesn't come. People get stress wrong all the time, in my opinion. Stress doesn't come from hard work, for example. You know, you can be working incredibly hard and loving it. And likewise, you can be out of work and incredibly stressed over that. So and likewise, if you kind of use that as an analogy for what I was just talking about, if you're out of work, but you're going through a disciplined approach of a series of job interviews and so on and working to remedy that situation, you're going to be a lot less stressed than if you're just worrying about it and doing nothing.
Well, I think, you know, one of the things that I think people would be surprised to learn, and I don't know if this is true for everybody, but I suspect it is. And I think that at least at a certain age, the basic foundational things about people are largely set. And so, you know, I'm a lottery winner of a certain kind. And I suspect if you were to go, you know, survey lottery winners, you would find that the core things about them don't really change because they won the lottery. And I think that's probably, and I think people are always very curious about that. How does it foundationally, fundamentally change a person when they win a lottery? And I don't think it does very much.
One thing I find very motivating, and I think this is probably a very common form of motivation or motive, or cause of motivation, is I love people counting on me. And so, you know, today it's so easy to be motivated because we have millions of customers counting on us at Amazon.com. We've got thousands of investors counting on us, and we've got, you know, we're a team of thousands of employees all counting on each other. And so, it's a, and that's fun.
Do something you're very passionate about. And don't try to chase what is kind of the hot passion of the day. I think we actually saw this. I think you see it all over the place in many different contexts. So I think we saw it in the internet world quite a bit where, you know, at the sort of peak of the sort of internet, you know, mania, and say 1999, you found people who were, you know, very passionate, they kind of left that job and decided I'm going to, you know, do something in the internet because it's, you know, it's almost like the, you know, the 1849 gold rush in a way. I mean, you find that people, if you go back and study the history of the 1849 gold rush, you find that, you know, at that time everybody who was in, was within the shouting distance of California was, you know, they might have been a doctor, but they quit being a doctor, and they started panning for gold. And that, that almost never works. And even if it does work, you know, according to some metric, financial success or whatever it might be, I suspect it leaves you ultimately unsatisfied.
So you really need to be very clear with yourself. And I think one of the best ways to do that is this notion of projecting yourself forward to age 80, looking back on your life and trying to make sure you've minimized the number of regrets you have. That works for, that works for career decisions, it works for family decisions. You know, do you want, I have a 14 month old son, and it's very easy for me to, if I think about myself when I'm 80, I know I want to watch that little guy grow up. And so it's, I don't want to be 80 and think, shoot, you know, I miss that whole thing and I don't have the kind of relationship with my son that I wished I had and so on and so on. So if you think about that,
So I guess another thing that I would recommend to people is that they always take a long term point of view. And I think this is something about which there's a lot of controversy. You know, there's a, you know, a lot of people, and I'm just not one of them, believe that you should live for the now. I think what you do is you think about the great expanse of time ahead of you and try to make sure that you're planning for that in a way that's going to leave you ultimately satisfied. So this is just my, this is the way it works for me. And I mean, this is, everybody needs to find that for themselves.
I think there are a lot of paths to satisfaction and you need to find one that works, works for you. If you are a lottery winner, as I am, then one of the things that you, you get a chance to do at some point in your life is to be a philanthropist. And so I, you know, I didn't grow up hoping, you know, boy, maybe I'll be a philanthropist one day. That wasn't ever on my list of, you know, archeologist, astronaut, those things I wanted to be, physicist, I never, I think in large part because I never expected to have the means to be a philanthropist. But I think that if you win a lottery of this kind of size, that one of the things that, that, that over time you have an obligation to do is to think about the ways that that, that that wealth can be used in a highly leveraged way.
I also think by the way, it's really easy to give away money in highly unleveraged ways where it's just a waste of money. I suspect that it takes as much sort of time, energy, focus, and hard work to effectively give away money as it does to get it in the first place. I think one of the things that's most important to me is, you know, this, the, one of the, really the notions that, that the United States was founded on and this, and, and it is liberty. So it is a, it is a very, it's a very difficult thing. I mean, there's lots of very interesting stuff to think about in this regard. And, you know, it just so happens that a free market economy, sort of a capitalist system, which has a lot of liberty mixed in with it, that we all get to decide, you know, how we're going to go about making our own living and so on and so on, that happens to also be a very effective way of, of deploying an economy so that you get an economy which mostly makes sense, you know, things mysteriously because of that invisible hand tend to work out.
I remember there was a time, I may have these statistics slightly wrong a few years ago, there was a heat wave in the south that killed 3% of chickens and I think egg prices doubled because there were 3% fewer chickens. So that means that the number of chickens is roughly right, even though there's nobody deciding how many chickens there should be. So that is a very interesting fact, I think, that the free market economy which by necessity involves a lot of liberty just happens to work well in terms of allocating resources. But imagine a different world, imagine a world where, you know, some incredibly artificially intelligent computer could actually do a better job than the invisible hand of allocating resources. You know, there shouldn't be this many chickens, there should be this many chickens, just a few more or a few less.
Well, that might even lead to more aggregate wealth, so it might be a society that if you give up liberty, everybody could be a little wealthier. Now the question that I would pose is if that turned out to be the world, is that a good trade? Personally, I don't think so. Personally, I think it would be a terrible trade. And I sometimes worry about that because I think it's a coincidence that liberty tends to do such a good job of, you know, sort of creating an economy that functions well. You know if you look over long periods of time, you know, look over hundreds of years and look at the average sort of life cycle of a new technology, what you find is that it's getting compressed and compressed and compressed. The rate of change is getting faster and faster. Every decade that goes by, there's sort of more important discoveries per unit time than there were in the previous decade. And a lot of these discoveries tend to, you know, have two uses. I mean, technologies tend to be agnostic with respect to whether they could be used for good or used for evil.
And I think that, you know, over the next 50 years, we are going to face a lot of very tough decisions as a society in how we make sure that we are harnessing those technologies for good purposes. I think liberty, giving people the freedom to, you know, as long as they're not hurting somebody else, do what they want, is super important. I think it's the core essence of the American dream. And I think at times, we as a people get confused about it. I mean, I think one of the things that you see come up in various places and people talk about it under different labels, sometimes they talk about it as a lack of personal responsibility and other kinds of labels. But what it really is is I think people should, you know, carefully reread the first part of the Declaration of Independence because I think sometimes we as a society start to get confused and think that we have a right to happiness.
But if you read the Declaration of Independence, it talks about life, liberty, and the pursuit of happiness. Nobody has a right to happiness. You should have a right to pursue it. And I think the core of that is liberty.