Sublime

Lehman Brothers

money is universal credit and that its supply and value in a free market is a reflection of the reality of how much valuable work has been done and not redeemed.

Hayek gives us the intuition of prices conveying only what market participants deem to be the most important information and actually destroying the rest, and Holland shows how this can be represented with the formalism of complex systems.

By the eighteenth century, a new ideology was taking form, especially in Britain, that “greed is good” (to use a recent summary formulation), because greed spurs a society’s efforts and inventiveness. By giving vent to greed, the logic goes, societies can best harness the insatiable ambitions, great energies and ingenuity of their citizens. While