The Death of Money (2014)
“seems to imagine that he can arrange the different members of a great society with as much ease as the hand arranges the different pieces upon a chess-board. He does not consider that in the great chess-board of human society, every single piece has a principle of motion of its own.
Adam Smith The Theory of Moral Sentiments 1759 The “data” from which the economic calculus starts are never for the whole society “given” to a single mind which could work out the implications and can never be s...o given.
Friedrich A. Hayek 1945 Any . . . statistical regularity will tend to collapse once pressure is placed on it for control purposes.
Goodhart’s Law 1975 In Shakespeare’s The Merchant of Venice, Salanio asks, “Now, what news on the Rialto?” He’s looking for information, gathering intelligence, and attempting to identify what’s happening in the marketplace. Salanio doesn’t intend to control the business unfolding around him; he knows he cannot.MoreLess
Adam Smith The Theory of Moral Sentiments 1759 The “data” from which the economic calculus starts are never for the whole society “given” to a single mind which could work out the implications and can never be s...o given.
Friedrich A. Hayek 1945 Any . . . statistical regularity will tend to collapse once pressure is placed on it for control purposes.
Goodhart’s Law 1975 In Shakespeare’s The Merchant of Venice, Salanio asks, “Now, what news on the Rialto?” He’s looking for information, gathering intelligence, and attempting to identify what’s happening in the marketplace. Salanio doesn’t intend to control the business unfolding around him; he knows he cannot.MoreLess
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