Keynes at the Casino: Speculation, Uncertainty, and the Beauty Contest Theory
Revisiting Keynes’s most underappreciated metaphor and what it reveals about the fundamental irrationality embedded in every market prediction.
Continue readingEconomics
Notes on the dismal science — its myths, its metaphors, and the gap between elegant models and messy reality.
2 Essays
The Invisible Hand Is a Misquotation: What Adam Smith Actually Meant
Smith used the phrase exactly once in The Wealth of Nations. The mythology that grew around it would have baffled him.
Continue reading