Sublime

These are all highly contestable statements.

Real knowledge of individual buyers and sellers in a market can never be fully known, and because of that no planned allocation can be superior to information conveyed by the prices in a market. A central planner sees two metal bars, each weighing half a pound, and assumes they are the same. You and I might have no better knowledge, but the market

Cipolla, Carlo M. The Basic Laws of Human Stupidity. New York: Doubleday, 2021.

So, I agree when you say we shouldn’t categorize the economy. We shouldn’t observe the economy and be like, “Oh, that’s a harmonic oscillator.” Yeah. “That’s an Ising model.” No. But we should absorb the data. We should observe the economy, and think in the physicist way of saying, “Okay, this is what I see. Let me think of a way of describing it.”

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

Adam Appich, master of science, is there with several studies that show how legacy cognitive blindness will forever prevent people from acting in their own best interests.

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announcement was made, she was no longer willing to trade. Endowment effect!” “These negotiations are going nowhere because both sides find it difficult to make concessions, even when they can get something in return. Losses loom larger than gains.” “When they raised their prices, demand dried up.” “He just hates the idea of selling his house for

think the problem with market-driven globalization is simply a matter of distributive justice;