Why there are rice shortages in England and America
by Vinay Gupta • June 1, 2008 • 0 Comments
(from a conversation with David) The thing about just-in-time JIT in all of its manifestations is that it induces system fragility because it encourages optimization against a static frame. The assumption is that things will be tomorrow much as they are today. Worse, systemic underpricing of risk is an evolutionarily stable strategy over the long [...]
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