Stable Tastes

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Eric Weinstein

@EricRWeinstein

In fact, joking with @toothfairycyber aside, the "tooth fairy" has far more science behind her than 'stable tastes': http://bit.ly/HaexQ

3:09 AM · Jul 24, 2009

Eric Weinstein

@EricRWeinstein

Arrow's impossibility theorem can be seen as a cohomological obstruction to constructing representative consumers without magical thinking.

2:42 AM · Aug 29, 2009

Eric Weinstein

@EricRWeinstein

Becker's theory of stable homogenous tastes on the other hand is....words fail me...the greatest indictment of peer review. Ever.

2:54 AM · Aug 29, 2009

Eric Weinstein

@EricRWeinstein

Just for a moment...put yourself in my shoes. I have an amazing theory of welfare with evolving tastes and a cult that claims stable tates.

2:57 AM · Aug 29, 2009

Eric Weinstein

@EricRWeinstein

Why stop at stable tastes? Why not declare yourself the last Pasha of Scotland and immune from bigamy laws as a winged son of Zeus?

3:01 AM · Aug 29, 2009

Eric Weinstein

@EricRWeinstein

$500 Challenge: Get me an invited Econ gig at Chicago / Harvard to confront the theory of ordinal welfare with stable homogenous tastes.

3:13 AM · Aug 29, 2009

Eric Weinstein

@EricRWeinstein

Rules are that it has to be in the Econ department on video with Becker present at Chicago or Jorgenson at Harvard.

3:16 AM · Aug 29, 2009

Eric Weinstein

@EricRWeinstein

VaR -> Kayfabe | Coase -> Economics | Stable Tastes -> Kayfabe | Arrow's Theorem -> Economics | Rep. Consumer -> Kayfabe | B. Scholes-> Econ

12:26 PM · Sep 10, 2009

Eric Weinstein

@EricRWeinstein

Bitcoiners & I are focused on the danger of two related DC printing presses:

I) One that prints money directed by the Federal Reserve.

II) One that prints the CPI at the @BLS_gov which *forces* billions of dollars in wealth transfers and which can disguise the printing of fiat.

8:34 PM · Nov 18, 2021

Eric Weinstein

@EricRWeinstein

We don’t always agree. I’ve no idea how Satoshi took aim at I) above. And I don’t yet know how to explain the importance of gauge theory to Gold (physical Gauge Theory), Prices/Quantities (abelian GT), Trade (non-abelian GT) and Utility (infinite dim GT): https://economics.uchicago.edu/sites/economics.uchicago.edu/files/Welfare_Chicago_Draft.pdf

8:34 PM · Nov 18, 2021

Eric Weinstein

@EricRWeinstein

But we’ve been working together behind the scenes. I so appreciate @Breedlove22 coming to Chicago to witness what I hope will be the beginning of an attack on abuses of perhaps the second most dangerous printing press in Washington as inflation heats up.

Thanks #Bitcoiners: LFG.

8:34 PM · Nov 18, 2021

Eric Weinstein

@EricRWeinstein

Lastly when we trade with nations that have a different currency from ours, how can we measure inflation of both separate currencies relative to two baskets (imports & exports) without artificially assuming the law of one price?

We *must* innovate here:

https://economics.uchicago.edu/sites/economics.uchicago.edu/files/Chicago_Trade_Index_Draft.pdf

8:34 PM · Nov 18, 2021

Eric Weinstein

@EricRWeinstein

Bitcoiners, open minded economists & math/physics folks: we have a serious problem navigating world markets using indicators that currently rely on *preposterous* assumptions (homotheticity, law of one price, stable tastes, etc) Economics needs more eyeballs on it from outside.🙏

8:34 PM · Nov 18, 2021

Eric Weinstein

@EricRWeinstein

#bitcoin #Crypto #nft #Blockchain #Decentralization #DeFi #web3 #inflation #cpi #Trade #gaugetheory

8:40 PM · Nov 18, 2021

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