The Puzzle of Value Creation and DestructionIn physics, the law of conservation of energy states that energy can neither be created nor destroyed–only transformed or transferred. However, this law doesn't map neatly onto the emergent world of markets where the creation and destruction of value is the norm. Every day we witness how value appears and disappears in the market. For instance, new technological breakthroughs generate billions in new wealth, while Ponzi schemes seem to conjure ...