Ham Sarris & AnCaps both love to rebut facts with hypotheticals, often of extreme cases: “but what if you were trapped with 50 people on an alien planet, how would you centrally plan then, hmm?”
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i’m not so naive to think that there are extreme cases, where survival depends on it, information poor, institutions sui generis & original resource endowments equal where ‘markets’ wouldn’t be so bad, but we haven’t lived in that world on Earth, well, basically ever ¯\_(ツ)_/¯
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Replying to @yungneocon
Riffing off your Austrian post: I used to exalt the computational power of markets as an integrator of sincere human expressions. Things got cloudy real fast once I got to a point of technical competency where I could seriously ask, "well, okay, but...try to quantify that."
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Replying to @generativist
Right and if markets were analogs to computation they’d be non computable both for capacity reasons (complexity) & for reasons akin to the Halting problem
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Replying to @yungneocon @generativist
i have to dredge up the source but a host of studies in the 90s said “ok let’s build a market computer” & when they did they found that the axiomatic properties required led to contradictions lol
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Replying to @yungneocon @generativist
meanwhile the work of those like Axtell shows that even the simplest walradian auctions are NP complex
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Replying to @yungneocon @generativist
and i forget the source but one scholar found that the commodity function is (1 + Commodities)^units of commodities. In other words, 99 commodities of 120 units each would require more comp. power than the # of particles in the universe lmao
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Replying to @yungneocon @generativist
then market behavior work found that equilibrium only ever emerges, let alone quickly, under one set of market rules, and does so with zero intelligence agents, meaning it doesn’t depend on the properties of the agents at all!
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Yea. ZI traders is a great pedagogical tool! But yea, once you start introducing satisfying human heuristics it's a really short hop to: "well, okay...but computer scientists are really good at writing approximating algorithms too."
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Replying to @generativist
neo classicals have managed to incorporate Bayesian learning & bounded rationality into their models only to preserve everything else nearly as is lol
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