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Adam Smith's invisible hand does exist, but as an emergent property of a complex system. It has a fuzzy tendency to reduce big price discrepancies, but it acts in a rather haphazard way.

— David Orrell The Other Side Of The Coin (2008)

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More quotes by David Orrell

Perfect order is boring, perfect randomness is boring, but complex systems are interesting.

The Other Side Of The Coin (2008)

Orthodox tools based on a normal distribution therefore fail exactly where they are most needed, at the extremes.

The Other Side Of The Coin (2008)

The market can quickly seize up. Prices don't adjust in a smooth continuous fashion, but instead abruptly reconfigure themselves, like the earth's crust during an earthquake.

The Other Side Of The Coin (2008)

For even money itself has no value if there is no network of people to recognize it.

The Other Side Of The Coin (2008)

A society in which each person is hell bent on maximizing his or her own utility, may therefore have declining overall utility.

The Other Side Of The Coin (2008)

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Quote text and notes from Wikiquote: David Orrell (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.