Sublime

prices convey the minimal possible information necessary for economic agents to purposefully react. They do so with judgment and heuristics, not “perfect information,”

Use evidence-based decision-making tools.

It traditionally assumed that firms were independent, and so changes would be independent, and so their sizes and aggregate effects would be distributed normally.

Alternatives may not be given but must be searched for or imagined.

Entering a slow-moving market can be a good strategy, but only if you have a definite and realistic plan to take it over.

here: these very actions of agents’ exploring, changing, adapting, and experimenting further change the outcome, and they’d have to then re-adapt and re-adjust.

The point is that underlying technologies change, but, after a point, technology market shares don’t change and so they’re highly predictable.

For centuries, private attorneys have molded and adapted these legal modules to a changing roster of assets and have thereby enhanced their clients’ wealth. And states have supported the coding of capital by offering their coercive law powers to enforce the legal rights that have been bestowed on capital.

incredible work in applied behavioral economics that was happening in the government, specifically using the power of defaults to encourage positive behavior. These defaults are known as nudges, made famous in the bestseller Nudge, by Richard Thaler and Cass Sunstein.