Fran Blanche and Sabine Hossenfelder on Intelligent Systems

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10:37 I don't get it!! If you know that there's going to be a run on toilet paper (or your bank or anything else) then it's not irrational to buy toilet paper, or withdraw your savings from the bank. Appearances are not reality, but they do affect reality. The solution is not to congratulate yourself on your own superior intelligence, it is to design supply chains and financial systems so that they aren't vulnerable to these effects. Obviously the free market would value such efforts, because they help to maximize the utility of money. But that doesn't seem to be the case, so there must be a problem somewhere, ...

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