Soros: General Theory of Reflexivity
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Soros: General Theory of Reflexivity
Logic requires that people find universal laws, but outside of scientific fields and once human psychology has a role to play, it is perfectly possible for behavior to become contradictory. A tax rise can cause you to work less because the returns of your labor are lower, or work harder to maintain your present level of disposable wealth. There are... See more
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George Soros • Soros on Soros: Staying Ahead of the Curve
There are shades of Soros’s reflexivity here. The market depends to some extent on the thinking of those participating in the market about the market. This is sometimes called a Keynesian beauty contest, after Keynes’s analogy of judging a beauty contest not on the basis of who you think is most beautiful, but on the basis of who you think others w
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The most direct method for comprehending a world in which not all human beings are homo economicus would therefore appear to involve a return to some version of the older tradition. However, why did the older tradition fail in the first place? After all, it seemed to ask some obvious and important questions. How could these questions simply be aban... See more