There are No Solutions, Only Trade-Offs with Aneesh Karve (WiM310)
The "What is Money?" Show
The Invincible Fallacy
"The market is smarter than the smartest of its individual participants," he says. "We will never be able to predict the arc of a complex system." Fauci's task was tasked with trying to predict an equation with 300 million variables, at least probably 300 trillion,. He's not going to succeed at that task!"
In this episode, Aneesh Karve joins me to wrap up our discussion on the book, ‘Discrimination and Disparities’ by Thomas Sowell. We discuss the concept of hidden economic consequences, the shortcomings of central planning, and how socialism is not a progressive philosophy.
Aneesh Karve is the Co-founder and CTO of Quilt. He's an expert in data visualization, entrepreneurship, Bitcoin, and economics.
// GUEST //
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// OUTLINE //
00:00:00 - Coming up
00:01:21 - Intro
00:02:54 - Helping Lightning Startups with In Wolf's Clothing
00:03:40 - The Last Chapter in Thomas Sowell's Book
00:04:15 - Equal Starting Point Don't Guarantee Equal Outcome
00:08:07 - "There are no Solutions, There are Only Trade-offs"
00:09:58 - The Desire For an Equal Outcome
00:11:26 - The Difference Between Process and Outcome
00:12:04 - Economics is a Study of the Hidden Consequences
00:16:15 - Higher Resolution Thinking and Seeing the World as it is
00:19:54 - "When Government Organizations Fail, They Don't Go Out of Business, They Get Bigger"
00:21:48 - The Merit of Creating Economic Value
00:23:13 - Controlling the definition of Merit to Gain Power
00:26:36 - The Ineptitude and Impossibility of Central Planning
00:28:53 - How Socialism is Not a Progressive Philosophy
00:34:00 - Maximize Your Profits with Gold Investment Letter
00:34:57 - Take Control of Your Healthcare with CrowdHealth
00:35:59 - Wasabi Wallet: A Bitcoin Wallet with Privacy Built-In
00:36:47 - There Should be Back Pressure on Central Planners
00:38:37 - Lack of Feedback in Outcome Base Thinking
00:39:41 - The Non-Existence of Equal Distribution in History and Culture
00:41:37 - Language is a Network Effect
00:45:56 - How Equality Destroys the Process of Individual Advancement
00:47:45 - The Advantages of Unequal Outcomes
00:50:10 - The Process of Inequality Throughout History
00:51:58 - There is No Such Thing as a Fair Starting Point
00:54:53 - The Symmetry of Risk and Reward
00:56:25 - Why Imitation is Fundamental in Human Interaction
00:58:35 - The Objectivity of Competence and Decision Making
01:01:13 - Taleb's "Two Surgeons" Anecdote
01:02:25 - A Chance to Win Discounted Tickets to the Bitcoin 2023 Conference and 10M SATS
01:03:17 - Hold Bitcoin in the Most Secure Custody Model with Casa
01:04:05 - Process Goals vs. Outcome Goals
01:08:12 - The Importance of Balancing Incentives and Disincentives
01:13:00 - The Statist Fantasy
01:14:18 - The Market is Smarter than Any Computer Ever Could Be
01:19:27 - Empowering Individuals to Create the Best Collective Outcomes
01:21:19 - It's Not About Socialism vs. Capitalism
01:26:41 - There is No Final Solution in Economics
01:29:33 - How Mislogic Is Used to Seize Power
01:32:38 - The State is a Microcosm of the Ego
01:35:06 - Individuals and the Markets are Communities of Cells
01:37:10 - The Most Beautiful Poem Written by the Biggest Capitalist
01:39:25 - Where to Find Aneesh's Work
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