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A "greedy algorithm" means an algorithm follows local optima. It does not mean the actors are greedy. Human beings are capable of jumping over local maxima, the
by cynicalkane 13y ago
A "greedy algorithm" means an algorithm follows local optima. It does not mean the actors are greedy. Human beings are capable of jumping over local maxima, their alleged greediness notwithstanding.
- Retric 13y agoFree markets don't care about which company or approach scales better they just react to price. So, it's a greedy algorithm. That said we free markets are extremely uncommon and decisions are often made based on information other than price.
- nickff 13y agoEven in free markets, the individuals may act in non financially-optimized ways. If people only used money to advance their financial interests, no one would found a charity, or volunteer, or even go to a theme park. Even for-profit companies may be founded for reasons other than accruing wealth for the shareholders.[1] >"[D]ecisions are often made based on information other than price" Price is one of the most important sources of information, as Mises made clear.[2] [1] https://www.youtube.com/watch?v=uegOUmgKB4E https://www.youtube.com/watch?v=uegOUmgKB4E [2] http://mises.org/books/socialism.pdf http://mises.org/books/socialism.pdf