Sublime

And just as physicists could predict how a particle will respond to any given set of forces, economists could predict how economic man will respond to any given economic situation: he (or it) will just optimize his “utility function.”

The year before John Paulson decided, in the spring of 2009, to give investors in his hedge funds the option of having their returns measured and paid in gold, he had made a fortune for himself and his clients by betting on the value of America's housing markets and banks. Now he was betting that an even more basic product than housing — money itse

These are visions of Hao Jingfang, a Chinese science-fiction writer and economics researcher. Hao’s novelette “Folding Beijing” won the prestigious Hugo Award in 2016 for its arresting depiction of a city in which economic classes are separated into different worlds.

The fact is, Farley was centralizing the party structure to a degree unprecedented in American politics, and it was more effective to work with organizations already in place than to create something new.

Later I found out that Markowitz himself knew the same thing: Ironically, when he invested the money from his Nobel Prize, he used a portfolio with equal weights to pick a few of his favorite stocks rather than the formula he received the prize for discovering.