Why economics is like improvisational music...
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"Hayek describes the spontaneous order mostly in terms of market activities within nation-states. Nevertheless, the general features of the spontaneous order equally apply at the international level. The international spontaneous market order is, therefore, a complex, self-organising system, not designed or controlled by any person or group of persons, the ‘unintended result of human action but not the execution of any human design’, to re-employ Adam Ferguson’s phrase. Its processes are those of the Invisible Hand: outcomes are unintended by-products of the self-interested actions of individuals, not deliberately coordinated by any central authority. Furthermore, classical liberalism does not think of international competition in terms of stable equilibrium, but as an evolutionary ‘discovery procedure’ which coordinates relevant knowledge dispersed worldwide and generates new knowledge."
https://www.amazon.com/Classical-Liberalism-International-Economic-Order...
Spontaneous order is created by the Invisible Hand when people pursue their interests in an ethical manner via agreed upon rules; ‘unintended result of human action but not the execution of any human design’
"Evolutionary discovery procedure" is as good a description of a great Dark Star as any.
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Yeah, but in improv. music,
Yeah, but in improv. music, at any one time a particular player may have "the lead" and the other players, realizing where the lead guy or gal is going musically, will submerge for a while their own ideas of where it could go into the common good by supporting the player currently expressing the loudest or clearest or coolest ideas "Serve the music."
One could argue that such musicians are more highly evolved than the economic actors referenced in the description you posted, since they are aware of the whole and can and do influence it consciously.
Top of Page Bottom of Page PermalinkFull Name: Old Fart Message Board
There’s a lot of ways that it
There’s a lot of ways that it’s not too. I’d say a whole lot more gab ways they are alike
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Than*
^Than*
Top of Page Bottom of Page PermalinkFull Name: Thomas O' Bagenhammers
Missing the point Olas.
Missing the point Olas. Spontaneous order occurs when there isn't anyone planning and people simply cooperate freely. Works in music, society, whatever. Get out of the way and let God go to work.
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This argument for the so
This argument for the so-called Invisible Hand exhibits a classic example of Limited Frame, a sort of Hasty Generalization.
Let's assume the Invisible Hand, the Flow it commands, and the stage on which all this occurs.
The stage is our context: Global Financial Market flow in the current era.
The view: Thom is looking at the world and the papers and the markets and his own portfolio and he sees an amazing entity that seems to edge and push certain currents in the economic flows and is amazed at its subtly. It seems so natural and vibrant. People even talk about it and debate about it. It must be real.
The broader view: Global Financial Market flows are man-made occurrences on the planet. People establish financial institutions and set them in motion every quarter. Thus, the most powerful people of interest have methods of influencing and even controlling the markets.
Opinion: Thom probably know this, and is probably disseminating finance propaganda for fun.
Possibility: Thom is ignorant of the History of Financial Institutions and really believes in the Hand.
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Lol. God can come do my work
Lol. God can come do my work today if he wants but the truth is I gotta go out and do it bud. I don’t know all the answers and I don’t what god has to do with music being like economics but this is a stupid thread