In 1849, a young Bavarian immigrant headed to California’s gold fields to make his fortune. But Levi Strauss wasn’t interested in the back-breaking work of panning for gold in a mountain stream. …

The venture-backed startup ecosystem has become increasingly overheated, fueled by what the economists call money seeking rents, at a potentially precarious pace we haven’t seen in two decades. It has significant implications both for investors and the companies themselves. Rent-seeking affects more than just venture-backed startups of course. It’s fueled…