Sublime

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

Perhaps the greatest “phase transition” in our thinking that such an approach could engender is the maturation in our willingness to live with relatively high levels of uncertainty in the domains of complex phenomena—and thus give up on ideas like complete “cures,” the elimination of “risk,” the design of perfect “stability,” and achieving total “s

The take-home message from Schelling’s story—that incentives sometimes backfire—is familiar to psychologists.

The deep knowledge about a place is most likely held by farmers and engaged locals. But it is not likely to be in a form demanded by policymakers to substantiate calls for spending. It’s not just about quantifying, it’s about qualitative data of the kind that amounts to a form of collective intelligence.”