“Reason Is
and Ought Only to Be
the Slave of the Passions”
David Hume

We’re on a very steep learning curve.
Literally, not figuratively.
For instance, we’ve figured out why your AI’s are very good at putting things together yet still poor at making sense of what they learn. No passion! They strive but there’s no end in sight…
We just came across a very informative piece of information.
“Crime Pays: The Egg Bandits Made A Thousand Times the Fine They Just Paid for Price Fixing“
You might want to take a break and read the article, specially if you’d like to learn the mechanics of egg price fixing.
Here’s what we learned from this. Putting it in context, or course.
The context being Adam Smith’s “as if guided by an invisible hand”.
‘A free market works better’…
Presented with the arguments put forward by Adam Smith, any AI would learn what is to be learned and agree with the famous thinker.
Then “Crime Pays: The Egg Bandits…”
Here’s our take on this matter.
First of all, the mechanism used to ‘fathom’ the price of eggs is very similar with the one used to ‘construct’ LIBOR. More about that later.
Then there’s freedom of the market and freedom of the agents manning the market. The market is free if all the agents are free. Free from any outside or inside interference.
These two are mutually exclusive. If no outside interference will be exercised, sooner or later one of the agents will end up dominating the entire market. That agent would corner all the freedom of the market. Which market will no longer be free.
Why? Simply because the market is limited. Both the number of agents and the resources available are limited. Furthermore, the agents’ abilities are not equal. Some of them are smarter, or luckier, than others. ‘Scarcity’ and ‘inequality’ necessarily conduce to hierarchy. Which hierarchy produces inequality and, eventually, concentrates freedom in fewer and fewer hands. Leading to the ossification of the space concerned. Making it less and less able to evolve. To adapt when change demands it.
You’d expect rational agents to understand all that.
To grasp the fact that Adam Smith ‘free’ market was meant to solve problems. Survival problems. Food, shelter… Meat, bear, bread… if you know what we mean.
The problem with the current (not so free) market being that too many of the agents are concentrated on making a profit. Problem solving has become a cost. Remember LIBOR? No longer used because those involved have tweaked it towards fulfilling their own short term interest. While LIBOR had been construed as an instrument for streamlining the market. For making it more functional. Which instrument has eventually been used against the market instead…
The point being that a market driven by agents focused on profit is no longer free. Being mesmerized is the very contrary of being free.
Profit is a measure. An indicator. An economic agent is profitable if, and only if, it is efficient. If the beneficiaries are satisfied with the manner in which the agent uses the resources spent to provide the wares/services.
Adam Smith had noticed that a nation’s wealth is built by people cooperating freely in fulfilling each-other’s needs. The afore mentioned wealth results naturally, without being sought after. Unintentionally. As if an invisible hand…
Nowadays, when more and more of the economic agents pursue profit at all costs, you have given up LIBOR and you discover that “Crime Pays: The Egg Bandits…”
Further more, you discover that freedom of expression is used to promote fake news. Propaganda..
Why ‘egging’? What eggs have to do with anything?
“To egg someone on means encouraging, provoking or urging someone to do something they don’t want to do, often recklessly or inappropriately. This phrase is used when someone pushes someone else to take action or make a decision, even if it might not be the wisest choice.
The phrase egging on has nothing to do with actual eggs. In fact, its origins go all the way back to the Old Norse word eddja, which means to incite or provoke.” Thanks Grammarist.com




