Peter Norvig's Economic Simulation (2018)

Re:Peter Norvig's Economic Simulation (2018) by garmaine on Saturday February 22, 2020 @01:19PM (#22392411)

But there are objective measures of value, such as the price you paid in a transaction.

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Re:Peter Norvig's Economic Simulation (2018) by amatic on Saturday February 22, 2020 @06:13PM (#22393983)

The price you paid says you value the thing you got more than the money you gave in exchange. At the same time, the person who received the money values it more than the thing he sold. That is what makes economic transactions positive sum games, according to some theories.

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Re:Peter Norvig's Economic Simulation (2018) by philwelch on Saturday February 22, 2020 @04:18PM (#22393389)

I would call market prices more “consensus” than “objective”, since they’re based on the aggregate subjective valuations of those involved in the market.

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Re:Peter Norvig's Economic Simulation (2018) by garmaine on Sunday February 23, 2020 @12:53AM (#22395381)

You can objectively point to them. The prices are visible for all to see.

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