Left="equality of needs." Right="equality of opportunity." Synthesis: "equality of marginal risk"? Me losing $10 != homeless guy losing $10.
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Marginal $10 is food-for-a-day for homeless guy, movie ticket for me. I should be taxed to extent I *don't* risk the $10 in a deeper way?
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So... don't tax homeless guy on his marginal $10. Don't tax me either if I invest, but do tax if I buy movie ticket with it.
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… Doing gradient descent on marginal risk with Maslow's hierarchy defining depth would never give you libraries, microprocessors.
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wouldn't have in the 50s agreed. In 10 years I suspect kickstarter type mechanisms can fund microprocessor level ideas.
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There will always be ideas whose time/return horizon require institutions. I agree that crowdfunding expands that for some domains.
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I'm not sure institutions work beyond a narrow operating range.
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Put differently: evolution's capacity to avoid epistemic closure relies on ecological diversity and long time scales. …
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by the time an org evolves to have meaningful foresight, it's beyond human control and ripe for disruption.
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Agreed; I think the power of most institutions is 'sub-conscious'—i.e. the organism isn't aware of what it is doing.
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"efficient market" is just a statement about the environment— in some it's healthy and some it's unhealthy, like any feedback tuning =)
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I still think there's room for thinking about "good institutions" even if we don't know where they'll go.
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bc it's clear that species can have access to unique parts of state space that, e.g., KS will never reach.
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