Some new insight from George Soros on reflexivity, fallibility and uncertainty.
He says ...................
"Of course I did not discover reflexivity. Earlier observers recognized it, or at least aspects of it, often under a different name. Knight explored the difference between risk and uncertainty. Keynes compared financial markets to a beauty contest where the participants had to guess who would be the most popular choice. The sociologist Merton about self-fulfilling prophecies, unintended consequences, and the bandwagon effect. Popper spoke of the ‘Oedipus effect’ in the Poverty of Historicism.
A fascinating read. For the full article please see this link.
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