1/ Historically, though statistics started in gambling, it has been driven by the risk-management motive, not the luck-creation motive
@FavorableCarry I'm using Schumpeterian sense of wealth creation. Ricardo comp. adv. effects are eventually zero-sum asymptote
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@vgr Right, but that's why markets create wealth. We (kinda) get to a pareto efficient point, but a lot of wealth is created getting there. -
@FavorableCarry It's an attribution decision in the modeling. I attribute the path-wealth to pareto to original tech, not diffusion
End of conversation
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