Sublime

These experiences gave Wences insights into the nature of money that most people in the world learn only from textbooks.

The data don’t lie: a Chicago street prostitute is more likely to have sex with a cop than to be arrested by one.

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.

Cass Sunstein era un joven profesor de derecho de la Universidad de Chicago cuando dio con el primer grito de guerra de Thaler en defensa de la psicología. Este publicó un artículo titulado «Toward a Positive Theory of Consumer Choice» («Hacia una teoría positiva de la decisión de los consumidores»),aunque mentalmente siempre lo había titulado «Stu

Look, sometimes you have to make quick decisions. You can’t just have humans make them; you have to combine human and machine methods.”

The idea that more trade is good (on balance) is deeply engrained in anybody who went to graduate school in economics. In May 1930, over a thousand economists had written a letter encouraging President Hoover to veto the Smoot-Hawley bill. And yet there is something else economists do know but tend to keep closely to themselves: the aggregate gains

Fairness is a function of effort and effort is shown through transparency.

the amount we’re willing to pay for things often depends, to a large degree, on how fair the price appears to be.