“In general, “economy” (or more narrowly, “market”) is the only general problem solving mechanism we know of that works beyond a certain threshold of complexity. This is a new insight to me. Shifting complex interactions to “price” data to handle the volume, variety and velocity opens up a lot of new ways of thinking. Wow!
This is an exceptionally interesting and intelligent bit of writing. Rao's migration to substack is what has drawn me to try the platform, and I am amazed that this post has such a small number of 'likes' and 'restacks'
Great post. This idea becomes pretty easy to appreciate if one thinks of a living organism (all the way down to a living cell) with its huge variety and volume of molecules passing through and getting processed, as an economy. The picture looks very much like the miniaturized version of a large economy.
“In general, “economy” (or more narrowly, “market”) is the only general problem solving mechanism we know of that works beyond a certain threshold of complexity. This is a new insight to me. Shifting complex interactions to “price” data to handle the volume, variety and velocity opens up a lot of new ways of thinking. Wow!
This is an exceptionally interesting and intelligent bit of writing. Rao's migration to substack is what has drawn me to try the platform, and I am amazed that this post has such a small number of 'likes' and 'restacks'
Great post. This idea becomes pretty easy to appreciate if one thinks of a living organism (all the way down to a living cell) with its huge variety and volume of molecules passing through and getting processed, as an economy. The picture looks very much like the miniaturized version of a large economy.
De-scaling transactions could reveal ultramicro trends and unseen complexities; possible uses and outcomes are mind boogling.