Carrots & Sticks

In my last essay, I not only described the historical underpinnings of the model of homo economicus but also described it as a foundational element of modern economic theory. Homo economicus is the smallest unit of analysis in economic theory and is characterized as a solitary agent, calculating in his utility, solely driven by competition,… Continue reading Carrots & Sticks

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Truth Springs from Arguments

Nature is saturated with feedback mechanisms ranging in scale from the molecular to the macroscopic. Feedback is defined as the process of mutual causal interaction: where A affects B and B affects A. This interaction creates a circuit of effects, so any change in A, causes a change in B, which in turn causes a… Continue reading Truth Springs from Arguments

Tail Events

The human brain (like any other organ) has evolved for specific environments and is constrained by its chemistry and historical contingencies. In my last post, I discussed the cognitive blind spots that play a role in the epidemic of over-testing and over-treating in medicine. Human decision making is notoriously ill equipped to distinguish between low… Continue reading Tail Events