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> Smiths invisible and myopic hand I'm intrigued by this phrase, could you explain it please?
by jasonm23 10y ago
> Smiths invisible and myopic hand
I'm intrigued by this phrase, could you explain it please?
- wtracy 10y agohttps://en.m.wikipedia.org/wiki/Invisible_hand https://en.m.wikipedia.org/wiki/Invisible_hand Adam Smith used the phrase "invisible hand" to describe the way markets reward certain business ventures. The previous poster called the invisible hand "myopic" in reference to consumers being focused on cheap devices with features that immediately benefit themselves.
- ska 10y agoI mean by this that in practice markets perform a sort of local optimization algorithm that can take a long time to discover better local maxima.