3 ms·
And what further irks me about this article, and others like it, is that it does neither - produce a result that can be observed and therefore tested. Here, th
by zwaps 8y ago
And what further irks me about this article, and others like it, is that it does neither
- produce a result that can be observed and therefore tested. Here, the money supply distribution is not observed in the real world and is not supposed to represent observables such as wealth.
- Nor does the article start from principles of human interaction, trying then to aggregate. Whether talking about exchange or debt, the article assumes "particles" randomly gamble against each other. In fact, social norms, externalities, TIME and timing, herd behavior and boundedly rational strategizing is precisely why human behavior does not aggregate to a gambling distribution.
I know this article is from 2000, but my outlook would not have been different back then.