Sublime

beneficial role of freer markets, more open societies, and better governance in spurring economic growth.

The overarching concept brought forward by Polanyi is that of the “double movement”[60]: driven by technology, the market starts imposing its dynamics onto society; then, reacting to the harshness of the unrestrained market and the suffering it brings about, society reacts and ultimately reshapes the corporate world to channel its power and serve t

“The Global Economy as an Adaptive Process,” at seven pages and zero equations, is well worth a read. Holland recounts many, now familiar, difficulties in mathematical analysis of economics that assume linearity, exclusively negative feedback loops, equilibria, and so on, before proposing that the economy is best thought of as what he calls an adap

Economics is broken. It has failed to predict, let alone prevent, financial crises that have shaken the foundations of our societies. Its outdated theories have permitted a world in which extreme poverty persists while the wealth of the super-rich grows year on year. And its blind spots have led to policies that are degrading the living world on a

how to write algorithms that could change their code and get smarter as they develop. We now call this evolutionary programming.

“I do not think that unemployment is among those evils which, like poverty, capitalist evolution could ever eliminate of itself.”

Two great problems in Economics Allocation in the Economy Quantities: General equilibrium, international trade, game-theory outcomes . . . Formation in the Economy Processes: Of econ development, discovering novel technologies, structural change, arrival of new institutions, temporary phenomena like bubbles, crashes . . . The former is mathematizab

Good economic institutions will encourage citizens to invest, accumulate, and develop new technologies, as a result of which society will prosper.

Economically relevant information is discovered from experimentation, not deduced from a model.