Very few of us are capable of understanding this, because the desire for closure (mathiness) in the pursuit of certainty (justification) is impossible for all but the most confident to tolerate. Taleb says it poorly but “skin in the game” is the only solution to such behaviors.
Source date (UTC): 2018-04-09 14:23:28 UTC
Original post: https://twitter.com/i/web/status/983349680158531585
Reply addressees: @FriedrichHayek @NakedKeynes
Replying to: https://twitter.com/i/web/status/983348359485419521
IN REPLY TO:
@FriedrichHayek
@NakedKeynes Hayek is right and you are wrong in pointing out that the “invisible hand” is a causal empirical mechanism which explains an empirical problem, and it is not a definition of “value” nor is it a tautological conceptual construction tied any model of “value”. Arrow blundered here.
Original post: https://twitter.com/i/web/status/983348359485419521
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