Sublime

publicly visible.

These are all highly contestable statements.

It traditionally assumed that firms were independent, and so changes would be independent, and so their sizes and aggregate effects would be distributed normally.

cooperation at scale. The state, business, and civil society all have roles to play in creating the

here: these very actions of agents’ exploring, changing, adapting, and experimenting further change the outcome, and they’d have to then re-adapt and re-adjust.

that people—or, if you like, automata, algorithms—can and do act in situations that are not well defined.

Individual behavior leads to aggregate outcomes, and aggregate outcomes—the aggregate patterns in the economy—cause this individual behavior to adapt and change.

Each company is trying to figure out how to strategize, how much to invest, what the technology should be. In a case like that, it’s not at equilibrium.

The point is that underlying technologies change, but, after a point, technology market shares don’t change and so they’re highly predictable.