Academic economists tend to see economies as a galaxy of utilities balancing perfectly (or almost) at the margin (according to their utility).
I see economies as made of the same wheels within wheels feedback architecture — but resulting in something more like the process of evolution, the survival of the fittest — where whoever grows the biggest fangs first gets to eat everybody else for dinner; or in the economic case, everyone else’s dinner. Think Tyrannosaurus Rich. :-)
Academic
economists tend to see economies as a galaxy of utilities balancing
perfectly (or almost) at the margin (according to their utility).
I see economies as made of the same wheels within wheels feedback architecture — but resulting in something more the process of evolution, more like the survival of the fittest — where whoever grows the biggest fangs first gets to eat everybody else for dinner; or in the economic case, everyone else’s dinner. Think Tyrannosaurus Rich.
- See more at: http://angrybearblog.com/2014/04/open-thread-april-8-2014.html#comment-381680
I see economies as made of the same wheels within wheels feedback architecture — but resulting in something more the process of evolution, more like the survival of the fittest — where whoever grows the biggest fangs first gets to eat everybody else for dinner; or in the economic case, everyone else’s dinner. Think Tyrannosaurus Rich.
- See more at: http://angrybearblog.com/2014/04/open-thread-april-8-2014.html#comment-381680
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