We have to ask ourselves, what fraction of the economic activity that surrounds us is profitable only by virtue of the fact that those who make the money are externalizing the cost to somebody else. If we were to eliminate such behaviors, we would... reduce the amount of activity by a lot... but we would reduce it by exactly the fraction of activities that shouldn't have existed in the first place.
What It Means
This is a placeholder explanation generated by the low-overhead model. It interprets "We have to ask ourselves, what fraction of the economic activity that surrounds us is profitable only by virtue of the fact that those who make the money are externalizing the cost to somebody else. If we were to eliminate such behaviors, we would... reduce the amount of activity by a lot... but we would reduce it by exactly the fraction of activities that shouldn't have existed in the first place." in the context of "" to mean that wisdom is timeless.
Tags
About Bret Weinstein