In an unpredictable world, the entrepreneur's role involves embracing the risk of exploring new uses of capital, with success being heavily dependent on the subjective valuations of others. This highlights a fundamental flaw in our current system's “scientific” approach to forecasting human behavior and preferences by using aggregates and unrealistic assumptions. Most value is assigned subjectively at the individual level, a reality that defies precise calculation, simulation, or modeling.

#Keynes is the worst.

#Bitcoin fixes this.