82,259
edits
I believe: Difference between revisions
Jump to navigation
Jump to search
no edit summary
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
| Line 1: | Line 1: | ||
{{a|devil|}}{{Quote| | {{a|devil|}}{{Quote| | ||
It becomes known in the village that the old turnip farmer has fallen upon hard times. <br> | It becomes known in the village that the old turnip farmer has fallen upon hard times. <br> | ||
One day, a wealthy young merchant pays him a visit and asks to borrow a turnip. Rather perplexed, the old man rummages in his sack, and provides one. “You needn’t ''borrow'' it,” the old man says: “you can just ''have'' it.” | One day, a wealthy young merchant pays him a visit and asks to borrow a turnip. Rather perplexed, the old man rummages in his sack, and provides one. <br> | ||
“You needn’t ''borrow'' it,” the old man says: “you can just ''have'' it.” <br> | |||
The merchant thanks him profusely and bids him good day. <br> | The merchant thanks him profusely and bids him good day. <br> | ||
“What did you do that for, Dad?” asks his daughter, when he returns home that evening. “You don’t even ''like'' turnips. And you the wealthiest man in the village. You could buy all the turnips you could want from the grocer down the road. Why impose your will on that poor unfortunate farmer? <br> | “What did you do that for, Dad?” asks his daughter, when he returns home that evening. “You don’t even ''like'' turnips. And you are the wealthiest man in the village. You could buy all the turnips you could want from the grocer down the road. Why impose your will on that poor unfortunate farmer?” <br> | ||
“Because now I am in his debt,” replied the merchant. “I owe him, and he needs not feel shame to ask | “Because now I am in his debt,” replied the merchant. “I owe him, and he needs not feel shame to ask a favour of me.”}} | ||
{{d|Credit|/ˈkrɛdɪt/|v|}} | {{d|Credit|/ˈkrɛdɪt/|v|}} | ||
A merchant’s ability obtain goods or services before payment, based on the provider’s trust that the | A merchant’s ability obtain goods or services before payment, based on the provider’s trust that the merchant will subsequently pay for them. (''From the [[Latin]], credere, to believe''.) | ||
===A feature, not a bug.=== | |||
[[Trust]] is fundamental to every legal, political, and financial system that has ever existed. It is the one component of a prosperous polity that cannot be dissolved by technology.<ref>Not even [[blockchain]]. ''Especially'' not blockchain.</ref> Trust converts the “''single-round”'' [[prisoner’s dilemma]] — in which a rational ''homo economicus'' would, and therefore ''should'', throw {{sex|her}} co-conspirator under the bus — to the “''iterated”'' [[prisoner’s dilemma]], in which the longer term benefits of ''not'' doing that outweigh the undeniable headrush it would provide in short term if you did. | [[Trust]] is fundamental to every legal, political, and financial system that has ever existed. It is the one component of a prosperous polity that cannot be dissolved by technology.<ref>Not even [[blockchain]]. ''Especially'' not blockchain.</ref> Trust converts the “''single-round”'' [[prisoner’s dilemma]] — in which a rational ''homo economicus'' would, and therefore ''should'', throw {{sex|her}} co-conspirator under the bus — to the “''iterated”'' [[prisoner’s dilemma]], in which the longer term benefits of ''not'' doing that outweigh the undeniable headrush it would provide in short term if you did. | ||