The Economics of Rock-Climbing

Alex Honnold’s free, solo ascent of El Capitan

 From "Rock climbing and the economics of innovation" via Marginal Revolution.

"It’s this combination of strong and resilient nylon ropes, able to absorb the energy of a long fall, automatic braking gadgets to hold the rope when a fall happens, reliable devices for anchoring the rope to the rock, and harnesses that spread the load of a fall across the climbers body, that have got us to where we are today, where climbers can practise harder and harder routes, (mostly) safe in the knowledge that a fall won’t be fatal, or even that uncomfortable."

More.