“A man who has committed a mistake and doesn’t correct it, is committing another mistake.” – Confucius
Free market is better not because it avoids problems (it doesn’t mean this is not important—as Warren Buffett and Charlie Munger both repeatedly emphasize the importance of avoiding obvious problems) but because it makes errors visible and correctable
Next:
- 1-2f1a1 Scientists evaluate theories with excess reasonable doubt
- 1-2f1b Analog computation cannot accommodate error-correction. Information that cannot be reliably retrieved is not really being stored.
Related:
- 1-2 We are fallible
- 1-2a3 Errors will occur, but have to be solvable-correctable.
- 5-1b4c1b You can easily replace the self-discipline with the four laws of habit formation - (1) make it obvious, (2) make it attractive, (3) make it easy, and (4) make it satisfying
- 5-2a2 What gets measured gets managed
- 8-1a What can go digital will go digital
- RUL3 - The transparency principle - make your decision-making process as visible and open to scrutiny as possible