[WS:] Sorry that I misread you. Of course, I fully agree with your second statement.
Wojtek
On Sun, Mar 18, 2012 at 10:57 AM, Shane Mage <shmage at pipeline.com> wrote:
>
> On Mar 18, 2012, at 8:45 AM, Wojtek S wrote:
>>
>> [WS:] That is one possible interpretation, but the theory itself does
>> not necessarily postulate this. Its main mechanism is transaction
>> cost, so if transaction cost to benefit balance is radically altered,
>> a radical change is not only possible but also likely.
>
>
>> Shane: "Since transaction cost and benefit are psychological
>> categories, subjective not objective, unknowable both ex ante and ex
>> post, what path dependence seems to amount to is the common-sense
>> truism that people are creatures of habit and will always seek first to
>> take the path of least resistance. Common-sense truisms can only be ignored
>> at one's great peril!
>>
>> [WS:] Have you actually read anything about this subject, or you are
>> just opining on something that you do not like?
>>
> I've read all your posts on the topic, and you seem quite competent to
> explain it.
> You might notice that I was endorsing, not attacking, what seemed to me to
> be your point.
> What I do not like is covering a simple truth with a mass of
> profound-seeming verbiage.
> I said "Common-sense truisms can only be ignored at one's great peril!"
> A little example:
> That when things fall they fall toward the biggest thing around (the earth)
> is a common-sense truism.
> Newton had the genius to formulate it in productively
> measurable--mathematical--terms.
> "Modern" physicists ignore that common-sense truism by asserting the
> opposite: that things fall toward the *smallest* thing conceivable--an
> object of infinite density (ie., zero volume) that they therefore call a
> black HOLE.
> A hole that turns out to be small enough to contain the entire universe plus
> the Big Banger himself!
>
>
> Shane Mage
>
> This cosmos did none of gods or men make, but it
> always was and is and shall be: an everlasting fire,
> kindling in measures and going out in measures."
>
> Herakleitos of Ephesos
>
>
>
>
>
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-- Wojtek http://wsokol.blogspot.com/