Fear: Difference between revisions

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{{a|risk|}}
*[[Complexity]]  
*[[Complexity]]  
*[[Fear]]
*[[Fear]]
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And what can we do to fix it? <br>
And what can we do to fix it? <br>
There is no perfect marketplace. <br>
There is no perfect marketplace. <br>
===Survival of the fittest===
==={{risk|Ecosystem}}===
====[[Nomological machine]]s====
*They model reality by proxy, they don’t describe it.
*They are idealised shorthand, and depend for their coherence on key simplifications that do not in fact appear in nature: no friction, symmetry, no supervening causes, homogeneity, infinite elasticity etc.
====Market models====
Modeling how human beings behave in the absence of rules. <br>
=====Model 1: {{author|Adam Smith}}’s {{br|The Wealth of Nations}}=====
Assumes qualities of human interaction that do not in practice exist:
*'''A level playing field''': perfect equality, capability, opportunity and symmetry of information between participants.<br>
*'''Rational participants''': players act in an economically rational way <br>
*'''Information is free''': Information is universally, immediately available, and therefore has no value (so there is no value in keeping it)
*'''No collusion''': Corollary of the Level playing field: participants are honest, do not take advantage of natural advantages and do not conspire to subvert market conditions.
 
=====Model 2: {{author|Thomas Hobbes}}’ {{br|Leviathan}}=====
Survival of the most brutish. Nature is red in tooth and claw. <br>
*No cooperation
*No altruism
*No trust
 
=====Shortcomings with each model=====
=====Shortcomings with each model=====
Neither model describes '''not''' an equilibrium state among human beings.
Neither model describes '''not''' an equilibrium state among human beings.

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