Hot take on economics 

@freakazoid For a long time my trite dismissal of Libertarianism was: "It's a fundamental inability to understand or acknowledge that wealth is in fact power."

When I finally started reading Adam Smith and found his "Wealth, as Mr Hobbes says, is power", I was gobstopped. That had been a principle gripe about economics (Libertarian or otherwise), and Smith directly confronted and acknowledged it.

There's another error I see now that is deeper: Weber & NAP.

@woozle @o

Hot take on economics 

@freakazoid is ultimaely information-theoretical, and concerns *at a population level* (or market level) an inability to distinguish between fundamental or long-term value or costs, and short-term or immediately perciptible value.

And this strikes at the heart of market function *especially* for complex goods, services, or choices.

H.L. Menckin's "Bayard vs. Lionheart" is the best generalised case I've seen.

amomai.blogspot.com/2008/10/hl

@woozle @o

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