Venkatesh Rao@vgr·Jun 23, 2016Big idea I got from Hirschman: market is not Darwinian. It has slack in proportion to median foresight of firms. A million eyes; not blind.4726
nikete@nikete·Jun 23, 2016Replying to @vgrwhy median? more natural that it be proportional to the marginal (in terms of the investment under consideration) firm12
Venkatesh Rao@vgrReplying to @vgr and @niketeI think it's median... firm threat perception, not actual threats to marginal ones, determines 'equilibrium' intelligence in play4:26 AM · Jun 23, 20161 Like
Venkatesh Rao@vgr·Jun 23, 2016Replying to @niketesurvival prospects. Lifespan-so-far would be a good measure.2
nikete@nikete·Jun 24, 2016Replying to @vgrI'm reading Hirschman Exit, Voice, and Loyalty, this makes a lot of sense in that perspective