From The Austrians and the Swan: Birds of a Different Feather by Mark Spitznagel:
To the Austrians, the [economic] process is decidedly non-random, but operates (though in a non-deterministic way, of course) under the incentives of entrepreneurial “error-correction” in the economy. In a never ending series of steps, entrepreneurs homeostatically correct natural market “maladjustments” (as well as distinctly unnatural ones) back to what the Austrians call the evenly rotating economy.
Spitznagel is making the case that the Austrian economists treat the economy as a dynamical system. Rather than a wild beast to be mechanically broken and tamed, it is a quasicyclical system like an ecosystem. This system has attractor states, one of which is runaway inflation. Continue reading
The Big Short book reads like a behind the scenes telling of the movie (Steve Carroll was awesome). It still seems too fantastic to be true. Lewis captured a kind of “fantastical” element in his retelling of… a financial story. So that’s pretty impressive.
Below are my Kindle notes and highlights, exported with Bookcision.
The Merge by Sam Altman
The incorrect assumption here is that humans and technology were ever separate to begin with. Tech is an extension of human cognition and intelligence, not some external reality that is independent of humans. The only thing changing is the mode in which we interface with the tech.