Sublime

Hayek explained that contrary to popular and elementary treatments of the topic, the economic problem is not merely the problem of allocating resources and products, but more accurately, the problem of allocating them using knowledge that is not given in its totality to any single individual or entity. Economic knowledge of the conditions of produc

This was a first: a Wall Street trading firm whose business was premised on its ability to hire the brightest mathematical minds was now compelled to make arguments about the limits of math in life. “It was this hour-long conversation with the partner where he tried to convince me to stay because utilitarianism was flawed,”

Another common error in the psychology literature concerns what is called “mental accounting.” The Thorp, Kelly, and Shannon school of information theory requires that, for an investment strategy to be ergodic and eventually capture the return of the market, agents increase their risks as they are winning, but contract after losses, a technique cal

The big advantage of physicists—I think Doyne Farmer may have once said this to me—is not what they have learned, the tools. It’s how they have learned to think. In particular, physicists are quite good at being very, very broad, taking tools from all over the place. That is something that economists are very, very remiss in. It is a b—tch to try t