Sublime

nossa espécie tem problemas com a violência.

probabilities attach themselves to the descriptions of events and not to events themselves.

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.

If we had to pick a moment in time in which we entered the final stages of degenerate fiat “capitalism,” we would likely pick March 2020, when it seemed very much as if the everything bubble had popped.

But if you think in terms of equilibrium, as I said, there’s a subtle bias with all of us economists. If things are in equilibrium, there’s no way to improve on that, otherwise it wouldn’t be an equilibrium, so we don’t think in terms of people gaming such systems.

in the real world, there is no such thing as an externality.

When agriculture and industry came along people could increasingly rely on the skills of others for survival, and new ‘niches for imbeciles’ were opened up.

In the century and a half since Charles Darwin published On the Origin of Species, we still are stymied by the complexity of the biosphere, and, just as with our financial systems, our efforts to intervene have often led to confounding results.