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re: a further point
Tom Brosz — (archived)

I'm not going to claim to be an expert on chaos theory. It is a valid area of study, but in my experience I have also seen it used as a convenient buzz word to fog an issue, or to justify something that otherwise would have no justification.

I can remember when the "uncertaintly principle" was also grossly misused this way. The goal was still the same: to get the person you are arguing with to concede that nobody can really know anything for sure, so how can you argue from basic principles?

Frankly, the justifications, both moral and otherwise, of a free market system based on individual rights and the right to life, liberty and property, have nothing whatsoever to do with chaotic systems, but with specific aspects of human nature. Be careful applying physics and math principles to people. If Selden's psychohistory really worked, everyone would be using it.

But if you want to cling to chaos theory as a last hope that the economy is going to crap out, be my guest. I tend to predict otherwise, using experience and philosophy as my guide.

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