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> Markets are human artifacts; the market is an emergent behavior. If "the market" is a 2d array of 1 and 0 that emerges from a cellular automata, then "market
by munificent 6y ago
> Markets are human artifacts; the market is an emergent behavior.
If "the market" is a 2d array of 1 and 0 that emerges from a cellular automata, then "markets" are the rules for that automata. The human artifact defines the rules and incentives that cause the emergent behavior seen by aggregating all market participants.
There is no Platonic ideal "markets" independent of the human structures where they operate any more than you can define how fast a pendulum swings without specifying its length.
- centimeter 6y ago"Markets" (locations or brokers designated for trade) represent a very small fraction of all human economic activity. Conflating the rules of NYSE with the rules of the market is a mistake. > There is no Platonic ideal "markets" independent of the human structures You need to understand that there absolutely is a single "the market" and it's not platonic at all. It refers to the sum behavior of all human economic interaction, which is absolutely a physical reality.