Low Roads to High Places

But increasing returns cut to the heart of that myth. If small chance events can lock you in to any of several possible outcomes, then the outcome that’s actually selected may not be the best. And that means that maximum individual freedom—and the free market—might not produce the best of all possible worlds. So by advocating increasing returns, Ar

The bad news is that a perfect map won’t exist. The exact route hasn’t been plotted for us—there may not even be a road. We might have to pave our own way, figuring out the route as we go, one turn at a time.

Here’s the scenario: Imagine you were parachuted blindfolded onto the landscape opposite and tasked with finding the highest point. Fumbling around, you might be able to make your way to the top of the hill (the local maximum) but miss the neighboring mountain right next to you because your field of vision was limited. You are prone to this same lo