Barry Purcell

The Most Stupid Economic Assumption

Yes, mainstream economics sure does have a lot of stupid assumptions. But you somehow missed the biggest one… the assumption of omniscience. It’s why we allow a small group of representatives to spend all our taxes. Take away this stupid assumption and what are we left with? Voting? Do you have any solid evidence that voting is a more accurate way to transmit information than spending is?

If you appreciate that spending money is a nonverbal form of transmitting information… then there’s absolutely nothing mysterious about your “exhibits”.

Maybe right now you perceive that your stories are the most valuable thing in the world. But imagine if Medium created a pragmatarian market. We’d each pay $1 dollar a month… but we’d be free to choose which stories we spend our pennies on. As a result, you’d be able to accurately know how other people perceive your stories. If they spent barely any pennies on your stories, then you’d know that people perceive your stories to be nearly worthless. They would essentially be begging you to keep your day job.

A. How you perceive your stories
B. How other people perceive your stories

There’s a pretty big disparity between A and B if people are begging you to keep your day job.

In order to truly improve reality we have to actually confront the reality of other people’s perceptions. So Medium should create a pragmatarian market and so should the government.