In the case of many artifacts and artworks, a perfect provenance is not, and will never be, possible. Ownership information may be lost, or perhaps the records were never created. Works may…
Category: Economics & Game Theory
The Big List Of Friedrich A. Hayek Quotes
Today, we share the work of Friedrich A. Hayek (1899-1992). Hayek was a prominent economist and philosopher known for his advocacy of classical liberalism and free-market capitalism. While it is generally agreed…
The Big List Of Sound Money Resources
The sound money resources below are in chronological order. Enjoy! Thanks for reading!
Fiat Money Is Control
Baron Acton observed in 1887 that “Power tends to corrupt, and absolute power corrupts absolutely.” Since fiat currencies are created by monetary monopolies out of nothing and from nothing through loan contracts,…
What Is Sound Money?
Also called “Hard Money”, “Sound money” retains value, serves as an effective medium of exchange, and provides consistency as a unit of account. Historically, commodities such as gold and silver have been…
Fiat Money Isn’t Sound Money
Hardly ever do the advocates of free capitalism realize how utterly their ideal was frustrated at the moment the state assumed control of the monetary system… A ‘free’ capitalism with government responsibility…
Thomas Schelling And Schelling Points
Thomas Schelling was a senior staff member of the RAND Corporation from 1958-1959 (recall that the “Prisoner’s Dilemma” was developed in 1950 by RAND Corporation mathematicians in order to test “The Nash Equilibrium”). Schelling’s Cold…
Schelling Points Yield The Solution To The Stag Hunt Coordination Game
Termed “The Hunt’s Conundrum” in a previous article, there are two pure-strategy equilibria found in the Stag Hunt’s traditional modeling for game theory. How do we pick one Equilibria over the other as the…
What Is The Nash Equilibrium Of The Stag Hunt Coordination Game?
At the heart of “The Stag Hunt” is the question of trust. In order to achieve maximum payoff, players must coordinate and trust one another to take the agreed to strategy. However,…
The Stag Hunt Of Jean Jacques Rousseau
In 1754, Jean Jacques Rousseau wrote Discourse on Inequality as his entry to a competition being held by the Academy of Dijon. Written in part to refute the claims of Locks and Hobbes on the…