Sublime

So, optimizing utility changes over many parallel worlds actually also optimizes wealth itself over time. That’s sort of the message.

By reworking Smithian concepts like “individualism,” “self-interest,” and “the invisible hand,” thinkers like Hayek, Stigler, and Friedman transformed Smith into an original way of thinking about an individualistic, market-oriented society that was justifiable on social-scientific grounds.

The emergence of digital money will not only defeat inflation once and for all; it will also contract leverage in the banking systems of the world. The ability of people everywhere to bypass regulatory authorities and shift their funds directly through the Internet is an entirely unprecedented consequence of the globalization of markets. It will be

Socrates—who, like Adam Smith, argued that people are generally good even without enforcement.

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